SGX Nifty hints at firm opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 107 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly higher on Wednesday, after stocks on Wall Street saw a second day of gains on an inflation print that came in cooler than expected.

Sentiment at Japan's large manufacturers worsened in the fourth quarter, according to the Bank of Japan's quarterly tankan business sentiment survey. The headline index for large manufacturers' sentiment came in at 7, a decline from the previous quarter's reading of 8. The index for small manufacturing slightly improved to -2 in the fourth quarter from -4 in the previous quarter.

US stocks rose for a second day on Tuesday, fueled by a cooler-than-anticipated inflation report.

Prices rose less than expected in November. The consumer price index, which measures a wide basket of goods and services, rose just 0.1% from the previous month, and increased 7.1% from a year ago, the Labor Department reported Tuesday.

On Wednesday, the central bank will conclude its December meeting and deliver its latest rate hike. As per reports, a 50 basis point hike is expected, a smaller bump after four consecutive 75 basis point hikes. Chair Jerome Powell will also speak Wednesday, giving further clues about what's coming from the Fed in 2023.

Domestic markets:

Back home, the key equity indices ended near the day's high with strong gains on Tuesday. Favourable domestic economic numbers and positive global cues underpinned investors' sentiment. The barometer index, the S&P BSE Sensex, gained 402.73 points or 0.65% to 62,533.30. The Nifty 50 index added 110.85 points or 0.60% to 18,608.

Foreign portfolio investors (FPIs) bought shares worth Rs 619.92 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 36.75 crore in the Indian equity market on 13 December, provisional data showed.

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