MARKET LIVE: Lower open likely amid weak global cues; SGX Nifty down 100pts

1 month ago 39

A tepid opening is on cards for the Indian equity markets as global sentiments turn bearish. As of 7:44 AM, the SGX Nifty Futures quoted at 15,697 levels, indicating a gap-down of over 100 points on the Nifty50.

Globally, the US equity markets suffered with big cuts in trade on Tuesday. Dow Jones fell 1.5 per cent, the S&P 500 dropped 2.01 per cent, and NASDAQ Composite slipped 2.9 per cent. Meanwhile, investors will keenly watch the US quarterly GDP data on Wednesday, June 29.

Markets in Asia-Pacific imitated the sour global mood and fell in trade on Wednesday morning. While Japan's Nikkei 225 dropped 0.9 per cent, South Korea's Kospi was down 1.5 per cent.

That apart, prices of crude oil edged higher in trade. Brent Crude jumped 2.5 per cent to $117.58 a barrel and WTI Crude added 2 per cent to $111.76 a barrel.

Back home, Reliance Industries will be in focus as Mukesh Ambani handed over reigns of telecom arm, Reliance Jio to elder son, Akash M Ambani. Besides that, Tata Motors hiked prices of commerical vehicles in the range of 1.5 per cent to 2.5 per cent.

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