SGX Nifty indicates a positive start for Indian indices

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell. Overseas, Asian stocks are trading mixed on Wednesday as China kept its benchmark lending rate unchanged. China on Wednesday kept the one-year loan prime rate (LPR) unchanged at 3.85% while the five-year LPR was also held steady at 4.65%.

U.S. stocks climbed on Tuesday as major companies continued to report strong third-quarter earnings, easing concerns that persistent Covid cases and rising costs would derail corporate America’s profit recovery.

The International Monetary Fund on Tuesday downgraded its 2021 economic growth forecast for Asia after the highly infectious Covid-19 delta variant caused a spike in cases in parts of the region. The IMF said it expects Asia’s economy to grow by 6.5% in 2021, compared with its April forecast for a 7.6% expansion. The region’s growth will be led by China and India, the fund added. The IMF expects China to grow 8% this year and India by 9.5% in the fiscal year that ends next March.

Domestic markets

Back home, the equity barometers corrected on Tuesday, snapping a rally in the past seven sessions. The Sensex fell 49.54 points, or 0.08% at 61,716.05. The Nifty 50 index fell 58.30 points, or 0.32% to end at 18,418.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 512.44 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,703.87 crore in the Indian equity market on 18 October, provisional data showed.

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