Market may open near flat line

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 4 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday, as investors assessed further risks of more rate hikes to come.

Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the "zero-COVID" regime.

US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies' disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.

Domestic markets:

Back home, the domestic equity benchmarks ended with strong gains on Wednesday, breaking two-day losing streak. The barometer index, the S&P BSE Sensex advanced 377.75 points or 0.63% to 60,663.79. The Nifty 50 index added 150.20 points or 0.85% to 17,871.70.

Foreign portfolio investors (FPIs) sold shares worth Rs 736.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 941.16 crore in the Indian equity market on 8 February, provisional data showed.

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