SGX Nifty indicates lower opening
01-Mar-23   08:23 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 22 points at the opening bell.

India's economic growth slumped to 4.4% in October-December 2022 period, sharply down from 6.3% recorded in the previous quarter, as rising borrowing costs amid a gloomy global outlook dampened manufacturing activities and consumption demands.

Global markets:

Overseas, Asian stocks are mostly trading higher as investors digested a slew of key economic data across the region.

China's factory activity in February showed further growth. China's official manufacturing purchasing managers' index rose to 52.6 in February, data from the National Bureau of Statistics showed. That's compared to January's reading of 50.1. Non-manufacturing PMI rose to 56.3, above January's reading of 54.4, the highest level since June 2022.

Japan's factory activity slowed at the fastest pace in two and a half years in February, private surveys by au Jibun Bank showed. The manufacturing purchasing managers' index fell to 47.7, down from 48.9 in January.

Australia's economy grew 2.7% for the whole of 2022, in line with economists expectations, but lower than 2021′s figure of 5.9%.

US stocks fell on Tuesday, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.

Domestic markets:

Back home, the equity benchmark indices declined for the eight session in a row on Tuesday, tracking mixed global cues. The barometer index, the S&P BSE Sensex declined 326.23 points or 0.55% to 58,962.12. The Nifty 50 index lost 88.75 points or 0.51% to 17,303.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,559.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,609.87 crore in the Indian equity market on 28 February, provisional data showed.

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