Will Nifty top 17600 or bears to drag? Check US, Asia stocks, SGX Nifty, FII/DII data, more before market opens

1 week ago 45

Indian benchmark indices are likely to open decisively in the red, hinted SGX Nifty. Check nine key things to know before the market’s opening bell on Friday.

Indian benchmark indices are likely to open decisively in the red, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading lower, down 103 points, at the 17,515 level. Markets fell on selling pressure, snapping a three-day relief rally. Nifty closed under 17,600, losing almost 165 points while Sensex slid 541 points, settling at 59,806.

“The domestic market could hardly hold on to its previous gains as the Fed chair’s reaffirmation of his hawkish statement brought in more worries. In this backdrop, the upcoming US job data will have a substantial impact on the Fed’s policy decisions in its upcoming FOMC meeting. A stronger-than-expected jobs report will prompt the Fed to raise interest rates by 50 bps,” said Vinod Nair, Head of Research, Geojit Financial Services.

Key things to know before share market opens

Wall Street Overnight

Wall Street tumbled sharply on Thursday, dragged by bank stocks and jitters ahead of Friday’s employment report. All three major indices slid up to 2.05%. The Dow Jones Industrial Average fell 1.66%, the S&P 500 lost 1.85% and the Nasdaq Composite dropped 2.05%.

US Banking Stocks – Silicon Valley Bank

SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares. The lender on Wednesday launched a $1.75 billion share sale to shore up its balance sheet and navigate declining deposits from startups struggling for funds amid increased spending, according to Reuters

US Treasury Yields

Treasury yields dropped on signs that the Federal Reserve’s restrictive policy is beginning to work as intended. Treasury yields eased in the wake of the jobless claims data. Benchmark 10-year notes last rose in price to yield 3.9169%, from 3.976% while the 30-year bond last rose to yield 3.8712%, from 3.8...

Read Entire Article