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Market may open with small gains
12-Apr-23   08:40 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy's gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

Domestic markets:

Back home, the barometers indices were like a rollercoaster ride, soaring up and down with wild abandon, yet managing to maintain a positive trajectory throughout the day. Strong global cues supported buying. The S&P BSE Sensex went up by 311.21 points or 0.52% to reach 60,157.72. Similarly, the Nifty 50 index rose 98.25 points or 0.56% to reach 17,722.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 342.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 264.02 crore in the Indian equity market on 11 April, provisional data showed.

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