Indices may open on strong note on upbeat global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 107 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as investors digested Federal Reserve Chair Jerome Powell's latest comments as he vowed to raise rates to tackle inflation until the job is done.

China's consumer inflation came in at 2.5% in August, lower than the 2.7% recorded in July.

US stocks rose Thursday after moving between gains and losses as Wall Street weighed Federal Reserve Chair Jerome Powell's comments on the central bank continuing to fight inflation.

Powell reiterated that the central bank will do what it takes to fight inflation. He also signaled that a pause in rate hikes or a pivot to cutting interest rates is not coming soon.

The European Central Bank Thursday hiked interest rates by 0.75 percentage point, raising its deposit to 0.75% from zero, in a largely expected move to tamp down inflation.

Domestic markets:

Back home, the domestic equity benchmarks ended with strong gains on Thursday. The barometer index, the S&P BSE Sensex, gained 659.31 points or 1.12% to 59,688.22. The Nifty 50 index added 174.35 points or 0.99% to 17,798.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,913.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.61 crore in the Indian equity market on 8 September, provisional data showed.

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