Major Asian shares began sharply lower Wednesday morning, extending their losing streak into a fifth day following another drop on Wall Street, on fears central banks will continue to ramp up interest rates for some time to quell inflation. MSCI's index of Asia-Pacific shares outside Japan was trading 1.41 per cent lower.
Domestic equity markets are set for a sharp gap down start on Wednesday, tracking global peers. US stocks settled in the red during the overnight trade, whereas Asian peers were also trading with cuts. Fears of inflation continue to loom over investor sentiment amid rate hike expectations from the central banks. Here's breaking down the pre-market actions:
STATE OF THE MARKETS SGX Nifty signals a negative startNifty futures on the Singapore Exchange traded 190 points, or 1.07 per cent, lower at 17,485, signaling that Dalal Street was headed for a negative start on Wednesday.
- Tech View: The Nifty50 on Monday ended higher after two days of fall. The index formed a bullish candle on the daily chart and stayed in a broader range. Analysts said the index faces resistance at 17,780-800 a breach of which can attract buying. They see immediate support at 17,500.
- India VIX: The fear gauge dropped mildly, about a per cent to 19.52 level on Tuesday over its close at 19.66 on Monday.