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Stocks braced for weak opening on negative Asian stocks
28-Nov-22   08:19 Hrs IST

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 83 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday amid unrest in China over its continued zero-Covid policy.

Fears about a Covid-led dent to China's economic growth weighed on sentiment in the world's second-largest economy after demonstrators and police clashed in Shanghai on Sunday. Thousands of protesters in major Chinese cities, including Shanghai, called for President Xi Jinping to resign. The unprecedented protests were spurred by frustration with China's strict lockdowns as part of its “zero-COVID” policy.

Over the weekend, the People's Bank of China announced it would cut the reserve requirement ratio for banks by 25 basis points to 7.8% and inject around 500 billion yuan in long-term liquidity. The National Bureau of Statistics said industrial profits for the first 10 months of the year fell 3% from the same period in 2021.

U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursday's Thanksgiving holiday.

Black Friday sales kicked off against the backdrop of high inflation and cooling economic growth. US shoppers reportedly spent a record $9.12 billion online this Black Friday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys.

Domestic markets:

Back home, the key equity indices ended with small gains on Friday, rising for the fourth trading session. Gains were restricted due to negative Asian cues. The barometer index, the S&P BSE Sensex, rose 20.96 points or 0.03% to 62,293.64. The Nifty 50 index added 28.65 points or 0.16% to 18,512.75.

Foreign portfolio investors (FPIs) bought shares worth Rs 369.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 295.92 crore in the Indian equity market on 25 November, provisional data showed.

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