Indices may open on strong note

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 98 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday, with investors monitoring shares of Alibaba in Hong Kong after the Chinese tech giant posted better-than-expected fourth-quarter earnings on Thursday.

Chinese authorities held an unprecedented nationwide meeting via teleconference on Wednesday in a bid to bolster an economy battered by Covid, with Premier Li Keqiang warning of difficulties even greater than the severe shock of the pandemic in 2020.

Wall Street closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood.

On the data front, revised figures showed the world's biggest economy contracted at an annualised rate of 1.5% in the first quarter, slightly worse than the previous estimate of 1.4%.

The number of Americans filing new claims for unemployment benefits fell last week. Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said on Thursday.

Domestic markets:

Back home, the key equity benchmarks ended with strong gains on Thursday, snapping its three-day losing streak. Positive global cues supported value buying in domestic shares. The barometer index, the S&P BSE Sensex, rose 503.27 points or 0.94% to 54,252.53. The Nifty 50 index gained 144.35 points or 0.90% to 16,170.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,597.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,906.46 crore in the Indian equity market on 26 May, provisional data showed.

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