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SGX Nifty indicates positive opening
05-Dec-22   08:42 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 37 points at the opening bell.

On the political front, Gujarat Assembly Elections will be closely watched. The second phase of polling is being held today, 5 December 2022. The first phase of assembly polls in Gujarat was held on 1 December 2022. The results will be declared on 8 December 2022.

Global markets:

Overseas, Asian stocks are trading higher on Monday as China relaxed virus testing rules in some cities, signaling more easing may come in the nation, which has been under strict Covid-related restrictions for more than two years.

The Caixin/S&P Global services Purchasing Managers' Index for November came in at 46.7, representing the lowest reading in six months. The print also marks the third consecutive month of contraction in output and new work, after October's reading came in at 48.4, while September's print was 49.3.

US stocks cut much of their earlier losses Friday as investors looked past hotter-than-expected labor data to the upcoming Federal Reserve meeting.

Job growth was stronger than expected in November despite the Federal Reserve's efforts to cool the labor market. Nonfarm payrolls grew by 263,000 last month while the unemployment rate was unchanged at 3.7%, according to the Labor Department on Friday.

Domestic markets:

Back home, domestic equity barometers tumbled on Friday, snapping their eight-day rising streak. The barometer index, the S&P BSE Sensex, fell 415.69 points or 0.66% to 62,868.50. The Nifty 50 index shed 116.40 points or 0.62% to 18,696.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 214.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 712.34 crore in the Indian equity market on 2 December, provisional data showed.

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