SGX Nifty indicates a weak opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 96 points at the opening bell.

On the macro front, IIP grew by 1.32% on an annual basis in January 2022, which is an improvement from the 0.7% annual growth in December 2021 according to the data released by the National Statistical Office (NSO) on March 11. The Index of Industrial Production (IIP) had contracted by 0.6% in January 2021.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as investors monitor a Covid wave in China. Meanwhile, oil prices continued to be volatile amid the Russia-Ukraine war.

Investors continued watching developments on the Russia-Ukraine war, which is disrupting shipping and air freight. Elsewhere, markets also monitored a recent wave of Covid infections in China including the major city of Shenzhen.

U.S. stocks dropped on Friday as the ongoing Russia-Ukraine conflict continued to unnerve investors. The U.S. government will revoke Russia's most-favored nation trade status amid the conflict, the White House said Friday, noting that it will work with Group of Seven (G7) countries and the European Union to roll out new sanctions.

In U.S. economic reports, data from the University of Michigan consumer sentiment survey showed a fall to an initial March reading of 59.7 from February's level of 62.8.

Domestic markets:

Back home, the benchmark indices ended with small gains on Friday, rising for the fourth straight session. The barometer index, the S&P BSE Sensex, rose 85.91 points or 0.15% at 55,550.30. The Nifty 50 index gained 35.55 points or 0.21% at 16,630.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,263.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,686.85 crore in the Indian equity market on 11 March, provisional data showed.

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