News Details

Stocks poised for strong opening
(08:23, 23 Sep 2021)

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 104 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mostly higher on Thursday as investors continue monitoring the situation surrounding China Evergrande Group. Markets in Japan are closed on Thursday.

As per reports, China Evergrande Group's chairman said the firm's top priority is to help wealth investors redeem their products, though questions remain over whether the embattled Chinese developer will pay the interest due on a dollar-denominated bond on Thursday.

U.S. stocks rallied on Wednesday after the Federal Reserve indicated it doesn't see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.

The Fed did not give a specific timeline on when it may begin moderating its purchases. “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the Fed's post-meeting statement said.

The central bank has been buying $120 billion a month of Treasurys and mortgage-backed securities since the start of the Covid crisis. The Federal Open Market Committee voted unanimously to keep short-term rates anchored near zero on Wednesday.

The Fed is split on the timing of the first interest rate hike. Wednesday's so-called dot plot of projections showed nine of the 18 FOMC members expect a rate increase in 2022. That's up from seven in June's Fed projections.

Domestic markets:

Back home, the key equity indices ended with small losses after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 77.94 points or 0.13% to 58,927.33. The Nifty 50 index lost 15.35 points or 0.09% to 17,546.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,943.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,850.02 crore in the Indian equity market on 22 September, provisional data showed.

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