(16-Mar-2023)SGX Nifty indicates positive opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday as turmoil around Credit Suisse added onto banking fears in the region.

Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank said it won't be able to provide further assistance.

US stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller US rate hike this month.

US retail sales and wholesale prices slipped in February. Retail sales contracted in February by 0.4% to $698 billion, down from a revised $701 billion a month earlier, the Commerce Department said on Wednesday.

Domestic markets:

Back home, the benchmark indices reversed early gains and settled with modest losses on Wednesday, sliding for the fifth trading session. The barometer index, the S&P BSE Sensex declined 344.29 points or 0.59% to 57,555.90. The Nifty 50 index fell 71.15 points or 0.42% to 16,972.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,271.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,823.94 crore in the Indian equity market on 15 March, provisional data showed.