SGX Nifty trades higher despite poor showing on CPI, IIP fronts
Premium- The SGX Nifty, a derivative of the Nifty, traded at a premium of almost 137 points to the Nifty at 8:20 pm IST
MUMBAI : Disappointing data on retail price inflation and IIP, which were released after closing hours at home, didn’t affect foreign investors’ bullish bias on India. The SGX Nifty, a derivative of the Nifty, traded at a premium of almost 137 points to the Nifty at 8:20 pm IST.
SGX Nifty , which traded at 18073 against Nifty close of 17936.35 offers cues on Nifty’s direction as it opens before Indian market opening and continues trading after closure of Indian markets, trading for a total of 15 hours to allow overseas investors from the US and Europe to take a view on the Nifty through the derivative traded on Singapore’s SGX.
CPI for August came in a tad higher than consensus estimates at 7% (6.9% forecast) while IIP for July rose only 2.4% against 5.4% estimate by Bank of Baroda.
The worse than expected performance has led to expectations among Indian stock market analysts that Nifty could correct tomorrow. However, FIIs purchased a provisional ₹2050 crore worth of shares and ₹929 crore of index futures – Nifty and Bank Nifty.
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