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SGX Nifty hints at higher start
08-May-23   07:56 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

On the political front, the Karnataka Assembly Elections will be held on 10 May 2023, in a single phase for 224 constituencies. Today is the last day of campaigning. The Election Commission of India will declare the election results on May 13. The winning party must have 113 seats to form a government in Karnataka Assembly.

Global markets:

Overseas, Asian stocks are mostly trading higher on Monday after Wall Street snapped a four-day losing streak Friday.

The Bank of Japan's board members discussed concerns over inflation rising more than expected, minutes from former governor Haruhiko Kuroda's final meeting showed. They also warned against ?hasty? changes to the central bank's monetary policy, including its inflation target of 2%.

US stocks rebounded Friday, ending largely higher as shares of Apple surged after upbeat results and U.S. jobs data pointed to a resilient labor market.

U.S. job growth accelerated in April while wage gains increased solidly. The non-farms payroll report showed U.S. employers added 253,000 new jobs in April, up from 165,000 in March. The Labor Department's closely watched employment report on Friday also showed the unemployment rate falling back to 3.4%.

Domestic markets:

Back home, Friday proved to be a tumultuous day for domestic shares, due to aggressive selling in the banking, metals, and financial services sectors. The S&P BSE Sensex faced a significant dip of 694.96 points or 1.13%, closing at 61,054.29. The Nifty 50 index also suffered a loss of 186.80 points or 1.02%, settling at 18,069.

Foreign portfolio investors (FPIs) bought shares worth Rs 777.68 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,198.77 crore in the Indian equity market on 5 May, provisional data showed.

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