SGX Nifty Indicates A Positive Start [14-Dec-2022]

SGX Nifty Indicates: Stocks in Asia followed equities on Wall Street by rising marginally after US inflation cooled ahead of the Federal Reserve’s policy decision later Wednesday.

Asian markets opened in green on Wednesday with the Japanese Nikkei 225 gaining 0.61%, Hong Kong’s Hang Seng up 0.81%, while the Australian ASX rose 0.37%.

At 8:20 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.60% to 18,813.5.

U.S. stocks went through a volatile session on Tuesday. The S&P 500 rose 0.3%, while the tech heavy the Nasdaq 100 was up 0.4%. The yield on 10-year Treasury dropped 12 basis points to 3.50%.

Crude rose 3.6% amid moderation in U.S. inflation and demand returning with China reopening. Gold futures rose 1.4%, while Bitcoin surged 3.1% to trade around $17,700-level.

Domestic benchmark gauges shed losses to end in green on Tuesday after two days of fall, with market breadth in favour of bulls.

Overseas Investors in Indian equities turned net buyers on Tuesday, ending a six-day selling spree. Foreign portfolio investors mopped up equities worth Rs 619.9 crore, according to data from the National Stock Exchange. Domestic institutional investors remained net buyers for the fifth day in a row and net bought equities worth Rs 36.8 crore.

Rupee continued to depreciate against the U.S. dollar in the face of forex outflows ahead of the Fed policy announcement.

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