Markt may open on flat note; assembly election results eyed

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 2 points at the opening bell.

On the political front, various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. The counting of votes in both states will take place today, 8 December 2022. Elections for the Himachal Pradesh assembly took place on 12 November, while polling in Gujarat happened in two phases on 1 and 5 December.

Global markets:

Overseas, Asian stocks are trading lower, with recession fears weighing on continued negative sentiment. Hong Kong's Hang Seng index popped on Thursday, bucking the trend in the region as a local news outlet reported the city is considering lifting its outdoor mask rule.

Japan's economy saw an annualized quarterly contraction of 0.8% in the third quarter. The government's first preliminary estimate released in November was a 1.2% decline.

In US, the S&P 500 and Nasdaq closed down on Wednesday after a choppy session on Wall Street, as investors struggled to grasp a clear direction as they weighed how the Federal Reserve's monetary policy tightening might feed through into corporate America.

Domestic markets:

Back home, key benchmark indices extended losses for the fourth straight session on Wednesday, as traders sold stocks post the Reserve Bank of India (RBI)'s repo rate hike. The barometer index, the S&P BSE Sensex, was down 215.68 points or 0.34% to 62,410.68. The Nifty 50 index lost 82.25 points or 0.44% to 18,560.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,241.87 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 388.85 crore in the Indian equity market on 7 December, provisional data showed.

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