Dow Futures, SGX Nifty Dip: D-St to Open in Red Despite Positive Global Cues

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Dow Futures, SGX Nifty Dip: D-St to Open in Red Despite Positive Global Cues
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.8% or 141 points lower at 9 am on Thursday, indicating a negative opening on Dalal Street despite strong global cues.

Further, the Dow Jones Futures slipped 0.2% and Nasdaq 100 Futures rose 0.88%.

Major indices on Wall Street rose sharply on Wednesday, following a slowdown in Fed’s rate hike by 0.25% and taking the target range of 4.5-4.75%, acknowledging that inflation has somewhat eased, however still remains elevated.

FOMC policymakers believe that further increases borrowing costs will still be needed further. The US Fed has hiked the interest rates aggressively for 8 times since March 2022 to bring inflation under control.

Nasdaq Composite jumped 2%, Dow Jones remained flat and S&P 500 surged 1.05%.

Asian markets rose on Thursday, while the US dollar eased following Fed Chair Jerome Powell’s speech in the overnight session, boosting risk appetite and lining up expectations that the Fed could end its monetary tightening soon.

At 8:53 am, Japan’s Nikkei 225 climbed 0.16%, South Korea’s KOSPI rose 0.46%, China’s Shanghai Composite gained 0.22%, Hong Kong’s Hang Seng rose 0.53% and Australia's ASX 200 advanced 0.14%. 

Oil surged on Thursday with Brent crude up 0.74% at $83.45/barrel and WTI Futures surged to $77.06/barrel at the time of writing. Natural Gas Futures traded flat.

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