Market may open lower on subdued global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 65 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower after the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points to the highest level in 15 years. China's annual Central Economic Work Conference will reportedly be held behind doors for two days until Friday.

China's industrial production for November grew 2.2%, after seeing a growth of 5% in October, according to official data. Retail sales fell 5.9% on an annualized basis, further than a fall of 0.5% the previous month.

US stocks snapped a 2-day winning streak following the decision after Fed Chair Jerome Powell signaled more data was needed before the central bank would meaningfully change its view on inflation.

It will take substantially more evidence to have confidence that inflation is on a sustained downward path, Powell said during his post-meeting news conference. However, Powell said inflation remains a problem. Price pressures remain evident across a broad range of goods and services, Powell added.

The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signalling more hikes to come. The Fed boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years. The policymakers also forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023.

Domestic markets:

Back home, the equity benchmark indices advanced on Wednesday, tracking positive Asian stock markets. The S&P BSE Sensex advanced 144.61 points or 0.23% to 62,677.91. The Nifty 50 index added 52.30 points or 0.28% to 18,660.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 372.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 926.45 crore in the Indian equity market on 14 December, provisional data showed.

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