The domestic equity market was set to kick off May with a gap-down start, thanks to selloff across global markets. US stocks bled in weekend trade amid rising inflationary concerns. Asian peers, those open dropped, during early hours. Back home, LIC IPO and India Inc earnings are the key things to watch out for traders. Here's breaking down the pre-market actions:
STATE OF THE MARKETS SGX Nifty signals negative startNifty futures on the Singapore Exchange traded 261.5 points, or 1.53 per cent, lower at 16,865, signaling that Dalal Street was headed for a negative start on Monday.
- Tech View: Nifty50 on Friday formed a Bearish Engulfing pattern on the daily chart and settled below its 200-day and 50-day simple moving averages. On the weekly scale it formed a small bullish candle with a long upper wick, suggesting selling at higher levels. Analysts are not optimistic as they see the index consolidating and eventually slipping below 16,800 in coming days.
- India VIX: The fear gauge gained marginally, less than a per cent, to 19.42 level on Friday over its close at 20.60 on Thursday.
Asian shares tumble in early tradeMostly Asian shares drifted lower on Monday ahead of three consecutive public holidays, as investors focused on an upcoming US Federal Reserve monetary policy meeting. MSCI's index of Asia-Pacific shares outside Japan was down by 0.69 per cent.
- Japan's Nikkei tanked 0.85%
- Australia's ASX 200 droped 1.71%
- South Korea's Kospi shed 0.76%
- New Zealand's DJ plunged 1.70%
- China's Shanghai added 0.42%
- Hong Kong's Hang Seng fell 0.46%
US stocks end sharply lowerWall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.
- Dow Jones tanked 2.77% to 32,977.21