SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 105 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading lower on Friday as a spike in global bond yields soured sentiment toward richly priced tech stocks.
Wall Street ended sharply lower on Thursday, with the Nasdaq tumbling over 3%, hit by rising Treasury yields and fresh worries about the coronavirus pandemic in Europe.
Benchmark US Treasury yields hit 14-month peaks on Thursday. The yield on the 10-year U.S. Treasury note rose as high as 1.754%, its highest level since January 2020, leading a worldwide move higher in bond yields. The jump in bond yields came after the Federal Reserve expressed its willingness to allow an overshoot in inflation.
Yields move in the opposite direction to prices. Rising bond yields typically signal confidence about economic recovery and fears about inflation, which can make high growth stocks appear less attractive to investors.
The number of Americans seeking unemployment benefits rose last week to 770,000. Thursday's report from the Labor Department showed that jobless claims climbed from 725,000 the week before.
Domestic markets:
Back home, the equity barometers extended their losing run to fifth consecutive trading session on Thursday. The barometer index, the S&P BSE Sensex, dropped 585.10 points or 1.17% at 49,216.52. The Nifty 50 index declined 163.45 points or 1.11% at 14,557.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,258.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,116.17 crore in the Indian equity market on 18 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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