SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 186 points at the opening bell.
Global markets:
Overseas, Asian stocks declined on Friday trade as investors watched bond yields as well as technology stocks in the region.
The Chinese government has set its 2021 economic growth target at more than 6%, Premier Li Keqiang said in his annual work report on Friday at the opening of this year's meeting of parliament. China did not set a gross domestic product target last year due to uncertainties arising from the pandemic. The government has set its 2021 target for consumer price inflation at around 3% and its budget deficit goal of around 3.2% of GDP, Li said.
U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.
On Thursday, U.S. Federal Reserve Chair Jerome Powell said the economic reopening could create some upward pressure on prices. He said he expects the central bank to be patient in terms of acting on policy, even if the economy sees transitory increases in inflation. Powell noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions.
The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell's remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks.
The number of Americans filing new claims for unemployment benefits rose last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 745,000 for the week ended February 27, compared to 736,000 in the prior week, the Labor Department said on Thursday.
Meanwhile, OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally.
Domestic markets:
Back home, the main stock indices tumbled on Thursday after rising for three consecutive sessions, dragged by losses in metal and financial stocks. A rise in US bond yields spoilt investor sentiment globally. The barometer index, the S&P BSE Sensex, lost 598.57 points or 1.16% at 50,846.08. The Nifty 50 index declined 164.85 points or 1.08% at 15,080.75.
Foreign portfolio investors (FPIs) sold shares worth Rs 223.11 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 788.19 crore in the Indian equity market on 4 March, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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