Market may open on firm note
09-Dec-22   08:28 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 77 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher as China inflation data came in roughly in line with expectations. China's producer price index fell 1.3% in November compared to a year ago, extending its decline after shedding 1.3% in October. The nation's consumer price index rose 1.6% in November on an annualized basis.

US stocks ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise in the weekly jobless claims as a sign the pace of interest rate hikes could soon slow.

Slightly more Americans filed for jobless claims last week. Applications for unemployment benefits rose to 230,000 for the week ending December 3, up by 4,000 from the previous week's 226,000, the US Labor Department reported on Thursday.

Domestic markets:

Back home, the equity barometers snapped four-day losing streak on Thursday, after Bhartiya Janata Party (BJP) cemented its lead in the Gujarat Assembly polls. Investors cheered after election trends showed that incumbent BJP will form government in Gujarat, brightening prospects of the party retaining its power at the Centre in 2024. The barometer index, the S&P BSE Sensex advanced 160 points or 0.26% to 62,570.68. The Nifty 50 index added 48.85 points or 0.26% to 18,609.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,131.67 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 772.29 crore in the Indian equity market on 8 December, provisional data showed.

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