Market may open in positive zone

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 88 points at the opening bell.

The International Monetary Fund (IMF) has cut its growth forecast for India for FY23 by 80 basis points to 8.2%, warning that Russia's invasion of Ukraine would hurt consumption and hence, growth, by way of higher prices.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as China defied expectations by keeping its benchmark lending rate unchanged. China on Wednesday kept its one-year loan prime rate unchanged at 3.7%, while also holding steady on the five-year LPR at 4.6%.

US stocks surged on Tuesday on the back of stronger-than-expected corporate earnings, but bleak forecasts on global economic growth pushed bond yields up and drove oil down.

Domestic markets:

Back home, the benchmark indices ended with major losses on Tuesday, extending their losing run to fifth consecutive session. The barometer index, S&P BSE Sensex tumbled 703.59 points or 1.23% at 56,463.15. The Nifty 50 index declined 215 points or 1.25% at 16,958.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,871.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,980.81 crore in the Indian equity market on 19 April, provisional data showed.

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