SGX Nifty indicates slightly lower start for Indian markets

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 12 points at the opening bell. Meanwhile, all eyes are on the GST Council meeting scheduled on Friday, September 17, 2021 in Lucknow. The agenda for the GST Council meet includes considering taxing petrol, diesel and other petroleum products under the single national GST regime.

Global markets: Overseas, Asian stocks traded mixed on Thursday, with casino shares in Hong Kong mostly seeing another day of losses. Chinese stocks listed in the U.S. slid the sixth day and US casino firms with exposure to Macau tumbled. Officials have signalled tighter curbs on operators in the gaming hub, again spotlighting Beijing’s regulatory curbs. Japan’s exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment.

Exports rose 26.2% in August compared with the same month a year earlier, the Ministry of Finance said on Thursday. In the US, the S&P 500 and Dow Jones indices rose on Wednesday on mildly positive factory data and higher oil prices, although concerns over a slowing economic recovery and higher corporate taxes kept sentiment subdued. Production by US factories, mines and utilities in August surpassed the level seen before the pandemic caused an unprecedented collapse, according to Federal Reserve data released Wednesday.

Industrial production increased 0.4% in August, but it could have been 0.3% points higher had it not been for the effects of Hurricane Ida, which caused flooding and destruction in parts of Louisiana and the northeastern United States.

Domestic markets: Back home, the domestic equity benchmarks ended near the day’s high after a strong session on Wednesday. The barometer index, the S&P BSE Sensex, surged 476.11 points or 0.82% to 58,723.20. The Nifty 50 index advanced 139.45 points or 0.80% to 17,519.45. Foreign portfolio investors (FPIs) bought shares worth Rs 232.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 167.67 crore in the Indian equity market on 15 September, provisional data showed.