Stock Market Today: Sensex, Nifty indicates a positive start; TVS Motor, HDFC Life in focus

Stock Market Today: Amid encouraging global cues, domestic indices may open in the green. Nifty futures were trading 43 points or 0.23% higher at 18,802.5 in the early morning trade on the Singapore Exchanges (SGX). Asian markets were trading in a mixed manner; the Hang Seng in Hong Kong up by 0.62%, the Shanghai Composite Index in China increased by 0.41%, the KOSPI in South Korea increased by 0.2%, while the Nikkei 225 in Japan decreased by 0.74%, and the Asia Dow decreased by 0.1%.

Stock Market Today: Stocks to watch

With a value of 18,807, the SGX Nifty indicated a good opening for the domestic indices NSE Nifty 50 and BSE Sensex. The SGX Nifty reported a gain of 0.25% during Friday's early trading session. "The domestic market is reacting to the Fed's hawkish language, which signals the likelihood of two additional rate hikes this year even though they currently have chosen to suspend. Fed officials have raised their rate estimates by 47.5bps to 5.6% for the end of 2023 due to concerns that inflation will continue to rise above their target range. Despite the benchmark index's decline, purchasing interest has been seen, and the Nifty Mid-cap index is currently trading at an all-time high, according to Vinod Nair, Head of Research at Geojit Financial Services.

Oracle sacks hundreds of employees, cancels job offers

According to an insider report, the American software corporation Oracle has made big changes within Cerner, its healthcare division. These steps include a reduction in the number of open positions, the cancellation of job offers, and the dismissal of several staff. Notably, in December of the previous year, Oracle paid $28.3 billion to purchase Cerner, a provider of electronic medical records.

Cerner's difficulties working with the US Department of Veterans Affairs can be ascribed to the majority of the layoffs. The agency had hired Cerner to replace its outdated internal medical records system and install cutting-edge technologies.

US Market in Green

The Dow Jones Industrial Average (DJIA), S&P 500, and the tech-heavy Nasdaq all closed the overnight session in the black for the US market. The BSE Sensex down 310.88 points or 0.49% to 62,917.63 on Thursday, while the NSE Nifty 50 fell 67.80 points or 0.36% to 18,688.10. The Bank Nifty index fell 544.40 points, or 1.24%, to 43,443.60. The Nifty PSU Bank index fell 1.99%, while the Nifty Pharma index rose 1.42%.

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