MARKET LIVE: SGX Nifty tumbles 280 points amid feeble global cues

LIVE market updates: The bears are likely to dictate the proceedings at the Dalal Street on the first day of the March series. At 7:30 AM, the SGX Nifty was down 280 points at 14,899, amid subdued global cues, indicating a gap-down opening for the benchmark indices.

All eyes today will be on the gross domestic product data, to be released later in the day, which will shed light on whether the economy continued to be in recession in the third quarter of FY21 or it ended with the second quarter only. READ MORE

Global cues

Wall Street’s main indexes tumbled overnight, with technology-related stocks under pressure following a steep rise in benchmark US Treasury yields. Overall, the Dow Jones fell 1.75 per cent, the S&P 500 lost 2.45 per cent and the tech-heavy Nasdaq dropped 3.52 per cent, the biggest single-day decline in almost four months for the tech-heavy index.

Asian stocks traded sharply lower on Friday following the Wall Street decline. Australia’s ASX 200 fell 2 per cent in early trade, while Japan’s Nikkei and Hong Kong's Hang Seng index were down 2.5 per cent, each.

(with inputs from Reuters)