Domestic stocks looked set to see a gap-down start on Tuesday, following an overnight steep fall in US stocks amid fears of rising inflation in the world’s largest economy. Asian markets were all in deep red and technical charts for key domestic indices hinted at profit booking ahead.
Here's breaking down the pre-market actions:
STATE OF THE MARKETS SGX Nifty signals gap-down startNifty futures on the Singapore Exchange traded 205 points, or 1.37 per cent, lower at 14,783.50, signalling that Dalal Street was headed for a gap-down start on Tuesday.
Tech View: Nifty likely to see profit bookingNifty50 formed a bullish Doji kind of candle on Monday, indicating indecisiveness among investors. The trading range was narrower than the previous session, which is likely a hint of a slowdown in the upward journey as well as profit taking. Analysts advised traders to avoid Nifty trades for the time being, considering the narrow trading range, and shift focus to stock-specific opportunities.
Asian markets fall in early trade Among Asian markets, Japan’s Nikkei plunged 2.73 per cent to 2,8716. Taiwan's TWSE index tanked 2.59 per cent to 16,791.82. Hong Kong’s Hang Seng slumped 2.35 per cent to 27,918. South Korea’s Kospi declined 1.62 per cent to 3,196.94 while China’s Shanghai Composite index fell 0.62 per cent to 3,406.60.
US stocks end higherIn overnight trade, US stocks fell from a record high, as worries about accelerating inflation dragged on shares and hobbled the dollar that struggled at a 10-week low. The S&P 500 index plunged 44.17 points, or 1.04 per cent, to 4,188.43. The Dow Jones Industrial Average retreated 34.94 points or 0.10 per cent to 34,742.82, while the tech-heavy Nasdaq dived 350.38 points or 2.55 per cent to 13,401.86.
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