SGX Nifty up 66 points; key things to know before opening bell

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SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 66 points at the opening bell.

Global markets: Overseas, Asian stocks traded mixed on Wednesday, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.

Minutes from the Bank of Japan’s April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a “faster than expected” pace of recovery for Japan and other countries.

Japan’s factory activity expanded at the slowest pace in four months in June. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.

Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains. The S&P 500 ended Tuesday just short of a new closing record, while the tech-heavy Nasdaq Composite climbed to an all-time high.

Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the US central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.

Domestic markets: Back home, the main equity indices ended a volatile session with minor gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 14.25 points or 0.03% at 52,588.71. The Nifty 50 index gained 26.25 points or 0.17% at 15,772.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,027.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 302.45 crore in the Indian equity market on 22 June, provisional data showed.

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