Stocks poised for lower opening
05-May-23   07:27 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 38 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower as banking fears were reignited on Wall Street, sending the three major U.S. indexes into a four day losing streak. Markets in Japan and South Korea are closed for a holiday Friday.

Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.

The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. The inflation outlook continues to be too high for too long, the central bank said in a statement.

Domestic markets:

Back home, the domestic stock market rebounded on Thursday, following a day of decline after the US Federal Reserve hinted at a potential pause in the rate hike cycle. The S&P BSE Sensex rose by 555.95 points or 0.91% to 61,749.25, while the Nifty 50 index increased by 165.95 points or 0.92% to 18,255.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,414.73 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 441.56 crore in the Indian equity market on 4 May, provisional data showed.

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