D-Street’s Opening Amid Weak US Economic Data, SGX Nifty Dips

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.32% or 56.5 points lower at 8:08 am on Wednesday, indicating a lower opening on Dalal Street. 

Further, the Dow Jones Futures climbed 0.1% and Nasdaq 100 Futures rose 0.12%.

The Reserve Bank of India’s three-day monetary policy meeting (MPC) commenced on Monday, and the result will be announced on April 6. Investors back home will remain laser-focused on the MPC decision for cues around inflation and economic growth. 

Major indices on Wall Street snapped a four-day winning rally on Tuesday amid a cooling economy as the US job openings fell to the lowest levels in almost 2 years, while manufacturing activity weakened.

Further, bank stocks declined too, following the CEO of JPMorgan Chase & Co (NYSE: JPM ) Jaime Dimon’s letter to shareholders that the impact of the banking crisis in the US could be felt for a long time.

Nasdaq Composite fell 0.52%, Dow Jones declined 0.59% and S&P 500 shot down 0.58%.

Asian stocks mostly fell on Wednesday amid signs of recessionary pressures and worries about a slowing U.S. labour market.

At 8:03 am, South Korea’s KOSPI gained 0.3%, Japan’s Nikkei 225 tanked 1.21%, China’s Shanghai Composite rose 0.5%, Hong Kong’s Hang Seng declined 0.66%, and Australia's ASX 200 traded flat.

Oil prices improved on Wednesday amid weak US macro data, while signs of shrinking inventories and a recent OPEC production cut pointed to tighter supply.

Brent crude rose 0.6% to $85.44/barrel and WTI Futures gained to $81.2 a barrel. Natural Gas Futures surged 0.7%.