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Market may spurt in early trade on firm global stocks
05-May-22   08:28 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 146 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday after the U.S. central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared. Markets in Japan and South Korea are closed on Thursday.

China's services sector activity shrunk further in April, a private sector survey showed Thursday. The Caixin services Purchasing Managers' Index (PMI) declined to 36.2 for April, lower than March's reading of 42.

US stocks jumped sharply on Wednesday after the Federal Reserve raised rates by a widely anticipated half percentage point and Chairman Jerome Powell ruled out getting even more aggressive in the central bank's inflation-fighting campaign.

The U.S. Federal Reserve on Wednesday increased its benchmark interest rate by half a percentage point, in line with market expectations. The central bank also outlined a program whereby it will eventually cut its bond holdings by $95 billion a month. Fed Chair Jerome Powell emphasized the commitment to bringing inflation down, though he said a 75 basis points hike is “not something the committee is actively considering.”

Domestic markets:

Back home, domestic shares ended with steep losses on Wednesday, declining for the third straight day. The barometer index, S&P BSE Sensex dropped 1,306.96 points or 2.29% to 55,669.03. The Nifty 50 index lost 391.50 points or 2.29% to 16,677.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,288.18 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,338 crore in the Indian equity market on 4 May, provisional data showed.

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