SGX Nifty hints at weak opening on negative global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 56 points at the opening bell.

India's consumer inflation data for February will be unveiled today, 13 March 2023. The annual consumer price inflation in India accelerated to 6.52% in January of 2023, the highest in three months, compared to 5.72% in December.

Global markets:

Overseas, Asian stocks are trading lower on Monday as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB). SVB last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.

US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.

Domestic markets:

Back home, the domestic equity benchmarks ended with deep cuts after a weak session on Friday. The barometer index, the S&P BSE Sensex, tumbled 671.15 or 1.12% to 59,135.13. The Nifty 50 index dropped 176.70 points or 1% to 17,412.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,061.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,350.13 crore in the Indian equity market on 10 March, provisional data showed.

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