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Market poised for flat opening
21-Apr-23   08:34 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Friday as Japan's core inflation for March came in at 3.1%, unchanged from February, data from the Statistics Bureau showed. This is the second straight month of slowing inflation after Japan's headline inflation hit a 41-year high of 4.3% in January.

Japan's inflation rate came in at 3.2% in March, slightly lower than February's figure of 3.3%. This is the second straight month of slowing inflation after Japan's headline inflation hit a 41-year high of 4.3% in January.

Overnight in the U.S., all three major indexes fell as investors assessed a mixed bag of corporate earnings, including disappointing results from Tesla.

Cleveland Federal Reserve President Loretta Mester indicated Thursday that interest rates could have a little further to rise this year and stay for for a while. Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on economic and financial developments, Mester said.

Domestic markets:

Back home, the domestic equity benchmarks scraped together slight profits on Thursday. Despite an initial burst, the indices were unable to generate momentum and instead remained within a tight range close to the horizontal axis. Snapping a three day losing streak, the S&P BSE Sensex gained 64.55 points or 0.11% to 59,632.35. The Nifty 50 index added 5.70 points or 0.03% to 17,624.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,169.32 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 832.72 crore in the Indian equity market on 20 April, provisional data showed.

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