Market may open lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 51 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday, as the recent global equities rally eased. Volatile commodity prices added concerns to a market already dealing with record inflation and the impact of an ongoing war in Ukraine.

Activity in the services sector, which has been battered by the pandemic, contracted for the third straight month, but the pace of decline slowed. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month.

US stocks eased Wednesday as oil prices rose, renewing inflation fears. Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Oil prices ticked higher on the day, with U.S. benchmark WTI crude gaining around 5% to nearly $115 per barrel. International oil benchmark Brent crude advanced more than 5% to top $121 per barrel.

Domestic markets:

Back home, the key equity barometers ended with modest losses on Wednesday. The barometer index, the S&P BSE Sensex, was down 304.48 points or 0.53% to 57,684.82. The Nifty 50 index fell 69.85 points or 0.40% to 17,245.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 481.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 294.23 crore in the Indian equity market on 23 March, provisional data showed.

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