SGX Nifty indicates positive start for Indian indices; 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 36 points at the opening bell.

Global markets: Overseas, Asian stocks traded mixed on Friday as concerns about the economic growth outlook came to the fore. Investors await the Bank of Japan’s monetary policy statement.

US stocks indexes fell on Thursday as energy and technology stocks declined.

Federal Reserve Chair Jerome Powell on Thursday maintained the central bank will continue to evaluate the economic recovery before changing its accommodating monetary policies. The Fed chair spoke before the Senate banking panel in a second day of testimony before Congress.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic rates, led by growth in China and India.

In 2022, healthy expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programmes, effective treatment and natural immunisation, particularly in emerging and developing countries, along with frequent testing procedures, are assumed to spur consumption of oil next year to comparable pre-pandemic levels, OPEC said in the report.

Domestic markets: Back home, the key equity indices ended with strong gains on Thursday. The barometer index, the S&P BSE Sensex, advanced 254.80 points or 0.48% to 53,158.85. The Nifty 50 index added 70.25 points or 0.44% to 15,924.20. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 439.41 crore in the Indian equity market on 15 July, provisional data showed.

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