SGX Nifty, trading on Singapore Stock Exchange that represents Indian stocks, opened higher on Thursday morning and was trading up 0.71% before Indian markets opened
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 112 points at the opening bell.
SGX Nifty, trading on Singapore Stock Exchange that represents Indian stocks, opened higher on Thursday morning and sustained its gains through the trading session and was trading up 0.71% before Indian markets opened.
Technically, we have already seen some correction from the swing high of 17600 and the index is now approaching the support end. If the market manages to show recovery, then we could see short covering which could lead the markets higher, said Ruchit Jain, trading strategist at discount broker 5paisa.com.
Overseas, Asian stocks are trading mixed Thursday as investors digested the U.S. Federal Reserve’s indications that its run of ultra-easy monetary policy since the start of the pandemic is coming to a close.
Wall Street ended sharply higher on Wednesday after the US Federal Reserve said it would end its pandemic-era bond purchases in March as it exits from policies enacted at the start of the health crisis.
The Fed announced on Wednesday that it would wind down its asset purchases, a process known as tapering, at a faster pace amid a continued rise in inflation. The Fed will be buying $60 billion per month of bonds starting in January, down from December’s rate of $90 million, and said that it will likely continue that trajectory in the months ahead.
This sets the stage for a dramatic policy shift that will clear the way for a first interest rate hike next year. The central bank signalled on Wednesday that its members see three hikes in 2022.
Fed Chairman Jerome Powell said at a news conference on Wednesday afternoon that the labour market is not fully recovered, pointed to a sluggish rebound in labour force participation, but said it was still appropriate to roll back some of the Fed’s pandemic-era policies.