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Stocks may slide on weak global cues
29-Jun-22   08:24 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 159 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday after Wall Street's negative performance on Tuesday. Investors will also be looking forward to Japan's consumer confidence data release.

Meanwhile, China cut the quarantine period for international travelers on Tuesday, in a step away from its strict Covid controls that have been in place for more than two years. People arriving from overseas will now need to quarantine for seven days upon arrival and three days at home, compared to up to 21 days in a centralized facility previously.

Retail sales in Japan rose 3.6% in May compared to a year ago, a third consecutive month of growth, government data showed. South Korea's consumer sentiment index fell, standing at 96.4 for June 2022, down 6.2 points from May's print, according to Bank of Korea's survey.

US stocks fell sharply on Tuesday after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.

US Federal Reserve policymakers on Tuesday promised further rapid interest-rate hikes to bring down high inflation, but pushed back against growing fears among investors and economists that sharply higher borrowing costs will trigger a steep downturn, as per reports.

On the macro front, the consumer confidence index fell to a reading of 98.7, down from 103.2 in May, according to The Conference Board. The Conference Board also said 12-month inflation expectations for its consumer confidence survey were at 8% for June, the highest level in data going back to August 1987.

Domestic markets:

Back home, the headline equity indices pared early losses and ended with tiny gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 16.17 points or 0.03% to 53,177.45. The Nifty 50 index gained 18.15 points or 0.11% to 15,850.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,244.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,205.63 crore in the Indian equity market on 28 June, provisional data showed.

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