Key indices may extend last three sessions of losses on weakness in most Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 24.50 points at the opening bell.
Overseas, Asian stocks declined as rising tensions in the Middle East and political uncertainty in Europe kept investors on edge, underpinning safe assets such as the yen, gold and treasuries. The upcoming French presidential election and the heightened tensions in the Middle East following the US strikes on Syria have left investors nervous even as a raft of global data over recent months have pointed to a steadily improving global economy. In France, polls for many weeks have been showing centrist Emmanuel Macron and far-right leader Marine Le Pen on track to top the first round of voting on 23 April and go through to a 7 May runoff.
US stocks closed fractionally higher yesterday, 10 April 2017, amid geopolitical tensions while investors looked ahead to the start of earnings season.
Federal Reserve Chairwoman Janet Yellen indicated that the era of extremely stimulative monetary policy was coming to an end. In a public discussion at the University of Michigan, Yellen said the Fed was moving away from its efforts to revive a recession-scarred economy and focusing instead on maintaining the gains of the past few years.
Crude oil climbed to a five-week high, with prices underpinned by tensions following a US missile strike on Syria and a shutdown at Libya's largest oilfield. In the global commodities markets, Brent for June 2017 settlement was up 6 cents at $56.04 a barrel. The contract had risen 74 cents to settle at $55.98 a barrel during the previous trading session.
Meanwhile back home, key benchmark indices settled with modest losses yesterday, 10 April 2017, as subdued global markets weighed on domestic equities. The Sensex shed 130.87 points or 0.44% to settle at 29,575.74, its lowest closing level since 29 March 2017.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 716.19 crore yesterday, 10 April 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 201.69 crore yesterday, 10 April 2017, as per provisional data.
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