SGX Nifty hints at strong opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 263 points at the opening bell.

Global markets:

Overseas, Asian stocks were mostly higher on Wednesday, though markets in mainland China struggled to recover amid the Covid resurgence in the country. China grapples with its most severe Covid outbreak since the height of the pandemic in 2020, with major cities scrambling to limit business activity.

US stocks rallied on Tuesday as oil prices continued to drop further below $100 on hopes of an end to the conflict in Ukraine.

The gains came as traders continued to eye the latest with ceasefire negotiations in Ukraine and China Covid lockdowns that could wreak havoc on tech supply chains. Investors are anticipating a big Federal Reserve monetary decision Wednesday, in which the central bank is expected to hike rates by a quarter point, its first hike since 2018.

Domestic markets:

Back home, equity indices settled with steep losses on Tuesday, ending their five-day winning streak. The barometer index, the S&P BSE Sensex, fell 709.17 points or 1.26% at 55,776.31. The Nifty 50 index lost 208.3 points or 1.23% at 16,663.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,249.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 98.25 crore in the Indian equity market on 15 March, provisional data showed.

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