SGX Nifty Down 95 Points; Indicates Negative Opening for Indian Stock Markets

Fri, 19 Mar SGX Nifty | Yash Vora, TM Team

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The SGX Nifty opened on a negative note today.

At 8:05 am, it was trading down by 95 points, or 0.7% lower at 14,490 levels.

Trends on SGX Nifty indicate a negative opening for Indian stock markets.

Asian stock markets weakened today after US shares fell from a record and Treasury yields touched the highest levels in more than a year as the Federal Reserve's tolerant stance on inflation unnerved investors.

The Nikkei is trading down by 0.8% while the Hang Seng is down 0.7%. The Shanghai Composite is trading lower by 1%.

Market participants are now bracing for the outcome of a Bank of Japan policy meeting where it is widely expected to loosen its control of bond yields and trim buying of ETFs, tweaks aimed at making the stimulus package more sustainable.

In US stock markets, Wall Street indices ended sharply lower on Thursday as Treasury yields extended recent gains, igniting another drop in technology stocks.

Treasury yields extended recent gains, and the benchmark 10-year yield added another nearly 10 basis points to a more than one-year high of 1.74%.

Elsewhere, a new report showed US initial unemployment claims unexpectedly rose last week despite loosening social distancing standards and improving weather.

The Nasdaq declined by 3% in its worst day in three weeks. The Dow Jones Industrial Average fell by 0.5% after rising earlier in the session to a fresh record intraday high.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with Nasdaq Futures trading up by 11 points. Dow Futures are up 0.2%.

Crude oil prices fell today, extending losses for a sixth day as a new wave of Covid-19 infections washed across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon.

Prices declined more than 7% yesterday, amid concerns that new virus-related curbs in Europe will sap demand, leaving oil down nearly 10% this week.

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Here are the key events due later today:

• Russia - Interest Rate Decision
• US - Baker Hughes Oil Rig Count
• India - Forex Reserves

Back home, BHEL and Indian Oil Corporation (IOC) will be among the top buzzing stocks today.

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To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

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