Indices may advance in early trade

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 64 points at the opening bell.

India, with a growth rate of 6.6% in this financial year, is among the fastest growing economies in Asia amid a global slowdown triggered by a massive energy shock due to the ongoing Russia-Ukraine conflict, the Organisation for Economic Cooperation and Development (OECD) said on Tuesday.

The Paris-based intergovernmental body that focuses on economic policy reports in its latest Economic Outlook said that the GDP growth in the country will slow to 5.7% in FY 2023-24 as exports and domestic demand growth moderate, but it would mean it would still be growing more than many other G20 economies including China and Saudi Arabia.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday after US stocks rose overnight. Japanese markets are closed for a public holiday.

Meanwhile, New Zealand's central bank delivered a 75 basis point hike, matching expectations, and the biggest rate hike ever in the central bank's history.

US stocks rallied on Tuesday as Wall Street bet that interest rate hikes and inflation will ease heading into the end of the year. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Domestic markets:

Back home, the domestic equity benchmarks settled with modest gains on Tuesday, snapping a three day losing streak. The S&P BSE Sensex, gained 274.12 points or 0.45% to 61,418.96. The Nifty 50 index added 84.25 points or 0.46% to 18,244.20.

Foreign portfolio investors (FPIs) sold shares worth Rs 697.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 636.39 crore in the Indian equity market on 22 November, provisional data showed.

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