Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Friday, following gains overnight on Wall Street that saw the S&P 500 sailing to a record closing high.

Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on May 7, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.

Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries and prices across a spectrum of goods, rose 5% from a year ago.

The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy reopens rapidly after being held back for months by the coronavirus pandemic. Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday.

Domestic markets:

Back home, the main equity indices ended with strong gains on Thursday amid positive global cues. The barometer index, the S&P BSE Sensex, rose 358.83 points or 0.69% at 52,300.47. The Nifty 50 index gained 102.40 points or 0.65% at 15,737.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,329.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 575.19 crore in the Indian equity market on 10 June, provisional data showed.

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