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MARKETS: Subdued start on cards as SGX Nifty drops 40 pts amid bearish cues

Stock market LIVE: The SGX Nifty Futures were quoting 17,246 levels around 8 am, 40 points lower than Nifty's spot close the previous day.

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MARKET LIVE | Markets | Nifty

SI Reporter  | New Delhi 

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EVENT HIGHLIGHTS

MARKET LIVE: Sensex, Nifty, Torrent Power, Ambuja Cements, Hero MotoCorp
LIVE market updates: The key benchmark indices are likely to start Friday's session lower as per trends of the SGX Nifty Futures, which were quoting 17,246 levels around 8 am, 40 points lower than Nifty's spot close the previous day. This comes in the backdrop of the growing Russian-Ukraine conflict tensions that continue to grip global markets. 

On Thursday, the market had exhibited extreme volatility and ended lower for a second session. The Sensex had dropped 105 points at 57,892, while the Nifty index shed 18 points to end at 17,304. 

Among stocks, Ambuja Cements will be in focus after the cement major reported a sharp 55.5 per cent YoY drop in December quarter consolidated net at Rs 430.97 crore.

This apart, Lupin may alse be looked out for as the company has received an approval from the US FDA for supplemental new drug application for SOLOSEC (secnidazole) in adolescents for both the treatment of bacterial vaginosis in females and trichomoniasis. 

Global cues

Overnight in the US, stocks dropped after Ukrainian forces and pro-Moscow rebels fought, and the US President Joe Biden warned that there was every indication that Russia was planning to invade Ukraine in the next few days. The Dow Jones slipped 1.8 per cent, the S&P 500 shed 2.1 per cent and Nasdaq declined 2.9 per cent on Thursday.

Oil prices, however, declined in trade on hopes of easing supply woes after reports indicated that Iran nuclear talks had entered final stages. Brent crude was down 1.9 per cent at $92.97 a barrel, and WTI crude futures dropped 2 per cent to $91.76, a barrel.

Major markets in Asia had started Friday's trade on a weak note. Japan’s Nikkei shed 1.3 per cent. Kospi declined 0.8 per cent. Hang Seng and Taiwan slipped 0.6 per cent each, and Straits Times was down 0.3 per cent. China’s Shanghai Composite, however, was flat.

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