Market may open on weak note on subdued global stocks
22-Feb-23   08:27 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 81 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday as investors digested key economic data across the region. Japan's producer prices index rose 1.6% on an annualized basis, slightly higher than December's figure of 1.5%. The PPI measures the average movements of prices received by domestic producers for goods and services sold.

New Zealand's central bank has raised interest rates by 50 basis points from 4.25% to 4.75, in line with expectations. In a release, the Reserve Bank of New Zealand indicated that interest rates could still rise, to ensure inflation returns to its target range over the medium term.

U.S. stocks dropped Tuesday as higher rates continue to pressure market sentiment, and the latest batch of retail earnings raised concerns about the state of the consumer.

The Fed on Wednesday is scheduled to release the minutes from its January 31-February 1 meeting. The central bank hiked rates by 25 basis points at that gathering.

US business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 50.2 this month from a final reading of 46.8 in January.

Domestic markets:

Back home, the equity benchmarks reversed early gains and ended lower on Tuesday, marking their third straight session of loss. The barometer index, the S&P BSE Sensex declined 18.82 points or 0.03% to 60,672.72. The Nifty 50 index shed 17.90 points or 0.10% to 17,826.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 525.80 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.23 crore in the Indian equity market on 21 February, provisional data showed.

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