AUTO REFRESH ON SGX Nifty SGX Nifty was trading 15.50 points or 0.14 per cent higher at 10,775.50 levels in early trade
Fall in crude oil prices, GST rate cut on 23 items, developments around the US government shutdown and other global cues are likely to dictate the market trend in the holiday-shortened week ahead of December-series futures and options contract expiry on Thursday.
The markets will remain closed on December 25 on account of Christmas.
Asian stocks started in subdued fashion on Monday as investors fretted that political instability in the United States was leaving the country rudderless at a time when the global economy was showing signs of faltering. Moves were limited by a holiday in Japan while many bourses are set to close early for Christmas.
The US government slipped into a partial shutdown on Saturday following the stalemate over President Donald Trump's demand for money to build a border wall.
Meanwhile, reports said Trump has privately discussed the possibility of firing US Federal Reserve Chairman Jerome Powell over his decision to hike rates. The move, if carried out, is expected to roil the already nervous global markets and further dent investor sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.38 per cent and Australian stocks 0.2 per cent.
On Friday, the Dow Industrials fell to its lowest level since October 2017 and has declined 16.3 per cent from its October 3 closing high. The Nasdaq has fallen nearly 22 per cent from its August 29 high and into bear territory, while the S&P 500 was on track for its worst December since the Great Depression.
Oil Prices
Oil prices dipped on Monday ahead of the Christmas holiday break, adding to last week’s steep losses on concerns about a global oversupply. International benchmark Brent crude futures fell 27 cents, or 0.5 per cent, to $53.55 a barrel. Brent touched $52.79 on Friday, its lowest since September 2017.
US West Texas Intermediate (WTI) crude futures eased 8 cents, or 0.1 per cent, to $45.51 a barrel. WTI hit its lowest since July 2017 on Friday at $45.13.
(with Reuters input)
(with Reuters input)