Market may open lower on negative global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 13.50 points at the opening bell.

India will release its quarterly gross domestic product numbers on Tuesday.

Global Markets:

The US Dow Jones index futures were up 52 points, indicating a positive opening in the US stocks today.

Asian shares were mixed on Monday, 27 February 2023, after major indexes on Wall Street recorded their worst week for 2023.

The US stocks declined on Friday, following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve's preferred inflation gauge.

The S&P 500 fell 42.28 points, or 1.1%, to 3970.04. The technology-heavy Nasdaq Composite dropped 195.46 points, or 1.7%, to 11394.94. The blue-chip Dow Jones Industrial Average shed 336.99 points, or 1%, at 32816.92.

The personal-consumption-expenditures price index showed the cost of U.S. goods and services jumped 0.6% in January, according to a Bureau of Economic Analysis report Friday.

The more closely followed core index, which is the Fed's preferred inflation measure, also rose 0.6% in January, climbing 4.7% over the past 12 months.

Domestic Equity Market:

Domestic equities ended a volatile session with minor losses on Friday, sliding for the sixth consecutive session. The barometer index, the S&P BSE Sensex, was down 141.87 points or 0.24% to 59,463.93. The Nifty 50 index declined 45.45 points or 0.26% to 17,465.80. In sixth consecutive session, the Sensex slipped 3.03% while the Nifty fell 3.16%.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,470.34 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,400.98 crore in the Indian equity market on 24 February 2023, provisional data showed.

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