MARKET LIVE: SGX Nifty signals flat open amid weak global cues, down 10 pts

2 weeks ago 39

The markets are likely to open on a flat note amid sharp global selloff. As of 7:45 AM, the SGX Nifty Futures quoted 15,350 levels, signaling a minor cut of 10-odd points on the Nifty50. The US equity markets saw a sharp selloff as investors' grappled with recession fears post the US Federal Reserve's aggressive rate action. The Dow Jones breached below 30,000 levels, the lowest seen since January 2021, while Nasdaq fell over 4 per cent, the highest drop witnessed since September 2020. 

Asia-Pacific markets, too, bucked similar trends and edged lower in Friday morning trade. Japan's Nikkei 225 shed 2.3 per cent, while the Topix shed 2.2 per cent. 

Meanwhile, crude oil prices continued to cool off as Brent Crude hovered around $119 per barrel and WTI Crude at $116 per barrel.

Back home, telecom stocks will be in focus after the telecom department invites players for pre-bid conference of 5G spectrum. Airline stocks, too, will remain on investors' radar after jet fuel prices saw a sharp increase to 16 per cent, in order to be in-line with the soaring global crude oil prices.

That apart, the latest report by the Reserve Bank of India (RBI), shares an optimistic perspective of the domestic economy as most of the GDP constituents exceed their pre-pandemic levels.

From a global standpoint, the US industrial and manufacturing production data will be released on Friday, June 17.


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