SGX Nifty indicates negative start for Indian equity markets
Markets in China, Japan, South Korea and Taiwan were closed for holidays.
SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.
Global markets: Overseas, Asian stocks were trading on a mixed note on Thursday as multiple major markets in the region were closed for holidays. Markets in China, Japan, South Korea and Taiwan were closed for holidays.
In US, the Nasdaq and S&P 500 eked out modest gains on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to “eat our lunch,” a warning that tempered enthusiasm for a market near record highs. The Dow Jones Industrial Average ended near the flatline.
Federal Reserve Chairman Jerome Powell said Wednesday that the economy faces challenges in the labour market, and so monetary policy needs to stay “patiently accommodative.” In remarks at the Economic Club of New York, Powell said the employment picture is a “long way” from where it needs to be.
The number of Americans filing new applications for unemployment benefits inched down last week. Initial claims for state unemployment benefits totalled a seasonally adjusted 793,000 for the week ended February 6, compared to 812,000 in the prior week, the Labor Department said on Thursday.
Domestic markets: Back home, domestic equity benchmarks ended near the day’s high on Thursday. The barometer index, the S&P BSE Sensex, rose 222.13 points or 0.43% to 51,531.52. The Nifty 50 index gained 66.80 points or 0.44% to 15,173.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 944.36 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 707.68 crore in the Indian equity market on 11 February, provisional data showed.
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