Nifty is Likely to Open in Red: SGX Nifty, Dow Futures Dip, Global Cues

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Nifty is Likely to Open in Red: SGX Nifty, Dow Futures Dip, Global Cues
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.57% or 103 points lower at 8:44 am on Friday, indicating a negative opening on Dalal Street.

Further, the Dow Jones Futures dipped 0.18% and Nasdaq 100 Futures fell 0.54%.

Major indices on Wall Street declined on Thursday, following another set of strong economic data, as producer prices jumped to their highest in seven months in Jan 2023 amid a surge in energy products’ cost.

The weekly jobless claims dropped unexpectedly last week, indicating resilience in the US economy, with concerns of the Fed continuing to raise rates for a longer duration rising.

Further, two Fed officials said that the central bank should have hiked interest rates more than it did in February’s policy meet and stuck to the necessity of further rate hikes to tame inflation.

Nasdaq Composite plunged 1.78%, Dow Jones fell 1.26% and S&P 500 tanked 1.38%.

Asian markets fell on Friday following an overnight rout on Wall Street amid economic data released and hawkish statements from Fed officials.

At 8:38 am, Japan’s Nikkei 225 dropped 0.57%, South Korea’s KOSPI declined 0.74%, China’s Shanghai Composite traded flat, Hong Kong’s Hang Seng fell 0.53%, and Australia's ASX 200 tanked 0.8%. 

Oil prices sank on Friday amid concerns over rising interest rates in the US and a stronger dollar offsetting the optimism of a potential recovery in Chinese demand.

Brent crude fell 0.67% to $84.56/barrel and WTI Futures declined to $77.97/barrel. Natural Gas Futures advanced 0.2%.

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