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SGX Nifty Down 68 Points; Indicates Negative Opening for Indian Stock Markets
Fri, 11 Mar SGX Nifty

SGX Nifty Down 68 Points; Indicates Negative Opening for Indian Stock Markets

The SGX Nifty opened on a negative note today.

At 8:15 am, it was trading down by 68 points, or 0.4% lower at 16,503 levels.

Trends on SGX Nifty indicate a negative opening for Indian stock markets.

Asian stock markets fell today, following declines on Wall Street as the fastest inflation in 40 years drove US bond yields higher and raised expectations for steeper interest-rate hikes.

The Hang Seng and the Shanghai Composite are trading down by 3.2% and 1.2%, respectively. The Nikkei is trading down by 2.4%.

In US stock markets, Wall Street resumed its slide on Thursday, ending in the red as inflation hit a four-decade high, almost 8%, cementing expectations that the US Federal Reserve would hike key interest rates at the conclusion of next week's monetary policy meeting to prevent the economy from overheating.

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Looming uncertainties surrounding Russia's invasion of Ukraine also helped convince market participants to recommence their flight to safety.

While all three major indexes ended in the red, they pared their losses late in the day and closed well above session lows, as the US equities market followed its best day in months on Wednesday by renewing a multi-session sell-off.

The Dow Jones Industrial Average fell 112 points, or 0.3%, the S&P 500 lost 18 points, or 0.4%, and the Nasdaq Composite dropped 126 points, or 1%.

US stock futures are trading on a negative note today with Dow Futures down by 58 points.

Gold prices steadied near the US$2,000 an ounce level on Thursday, after big gyrations over the past couple of sessions, as its safe-haven appeal was supported by a lack of progress in talks between Russia and Ukraine.

Crude oil prices clawed back some losses today but were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.

Back home, Bharti Airtel and Tata Power will be among the top buzzing stocks today.

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To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

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Read the latest Market Commentary


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