Indices may open in positive zone

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 62 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday, with New Zealand's central bank announcing yet another 50 basis point rate hike. The Reserve Bank of New Zealand announced Wednesday its decision to hike its official cash rate by 50 basis points to 2%.

The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the US economy into recession dampened investors' risk appetite.

Investors continued to assess the global macroeconomic outlook as they await the minutes from the last U.S. Federal Reserve meeting, due on Wednesday, which could give clues on whether the monetary tightening would continue.

Domestic markets:

Back home, the key equity indices ended lower after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 236 points or 0.43% to 54,052.61. The Nifty 50 index lost 89.55 points or 0.55% to 16,125.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,393.45 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,948.49 crore in the Indian equity market on 24 May, provisional data showed.

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