Nifty’s Opening Ahead of Budget, FOMC: SGX Nifty Up, Asian, US Indices Gain

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Nifty’s Opening Ahead of Budget, FOMC: SGX Nifty Up, Asian, US Indices Gain
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.49% or 86.5 points higher at 8:50 am on Wednesday, indicating a positive opening on Dalal Street amid strong global cues.

Further, the Dow Jones Futures slipped 0.19% and Nasdaq 100 Futures declined 0.43%.

India’s Finance Minister Nirmala Sitharaman will present the Union Budget 2023 at 11 am on Wednesday, the last full-year Budget of the Modi government.

Major indices on Wall Street gained sharply on Tuesday as labour costs data rose at its slowest pace in a year in Q4 due to a slowdown in wage growth, indicating that the Fed would relax on its aggressive interest rate hike approach to tame high inflation ahead of its monetary policy meeting. 

Nasdaq Composite jumped 1.67%, Dow Jones surged 1.09% and S&P 500 rallied 1.46%. This is the first January where the S&P 500 recorded an increase since 2019, rising 6.2%, while the Nasdaq posted its biggest Jan surge of 10.7% since 2001.

Asian markets rose on Wednesday, following an overnight rally on Wall Street after a low rise in US employment cost bolstered positive hopes from the Fed’s side.

At 8:50 am, Japan’s Nikkei climbed 0.18%, South Korea’s Kospi rose 0.65%, China’s Shanghai Composite gained 0.16%, Hong Kong’s Hang Seng advanced 0.15% and Australia's ASX 200 rose 0.43%. 

Oil climbed in the early session with Brent crude rising 0.22% to $86.66/barrel and WTI Futures surged to $79.16/barrel at the time of writing. Natural Gas Futures jumped 1.43%.

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