Indian benchmark indices are likely to continue their losing streak to open in the red, hinted SGX Nifty. Here are seven key things to know before the share market opening bell on Monday.
Indian benchmark indices are likely to continue their losing streak to open in the red, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading lower, down 52 points, at the 17,385 level. On Friday, markets extended losses for a second session, pulled down by negative global cues. At close, Nifty was down 177 points at 17412.9 while Sensex slid 1.12% to settle at 59,135.
“Markets ended the week with a sharp cut of over a percent, tracking feeble global cues. In continuation to the previous session’s fall, the Nifty index opened gap-down and hovered in a narrow band till the end. The selling pressure was widespread wherein the decline in the banking and financial majors was largely weighing on the sentiment. The broader indices too traded in tandem with the trend and lost in the range of 0.7-0.9%,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Key things to know before share market opens
Wall Street Overnight
Wall Street sank over 1% in trade on Friday as investors sought to protect their gains and capital as the collapse of the SVB Financial Group caused investors to fear for the health of US banks, overshadowing the non-farm payroll data for February. The closure of the bank added increased pressure to the three main indices; the Dow Jones Industrial Average fell 1.07%, the S&P 500 lost 1.45% and the Nasdaq Composite dropped 1.76%.
U.S. Treasury Yields
U.S. Treasury yields dropped for the second straight day as risk-averse investors sought safe haven amid brewing troubles in the financial sector. Benchmark 10-year notes last rose 61/32 in price to yield 3.6892%, from 3.923% late on Thursday. The 30-year bond last rose 101/32 in price to yield 3.6899%, from 3.87% late on Thursday, according to Reuters.
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