Sensex, Nifty may open on a weak note; economic data eyed

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 102 points at the opening bell. On the macro front, September CPI is due along with August IIP data, later today. The government will also release September trade data. Overseas, Asian stocks traded lower on Tuesday on concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry.

Investors will monitor developments for cues. There is Bank of Korea policy decision and briefing on Tuesday and also Atlanta Fed president Raphael Bostic speaking on inflation.

US stocks ended a choppy session lower on Monday as investors grew nervous ahead of third-quarter earnings reporting season.

Meanwhile, Goldman on Monday cut its US economic growth forecast. The firm lowered its 2022 growth estimate to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.

Domestic markets:

Back home, equity benchmarks ended with decent gain on Monday, rising for the third straight session. The 30-share Sensex closed 76.72 points or 0.13% higher at 60,135.78. The Nifty rose 50.75 points or 0.28% to settle at 17,945.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,303.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 373.28 crore in the Indian equity market on 11 October, provisional data showed.

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