Nifty Likely to Open the Week in Green, SGX Nifty Futures Up & Other Cues

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Nifty Likely to Open the Week in Green, SGX Nifty Futures Up & Other Cues
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.82% or 131.95 points higher at 8:45 am on Monday, tracking positive global cues and indicating a higher opening on Dalal Street. 

Further, the Dow Jones Futures climbed 0.25% and Nasdaq 100 Futures rose 0.6%.

Major indices on Wall Street ended sharply higher on Friday, putting an end to relentless sell-offs, thanks to upbeat earnings posted by the financial giant CitiGroup, strong economic data and mitigating fears of an interest rate jump by the Fed to tame the soaring inflation.

A higher-than-estimated June CPI inflation print led investors to expect an up to 100 bps rate hike by the Fed but remarks from Fed officials on Thursday and Friday calmed nerves, indicating a likely 75 bps rate hike on the table.

Nasdaq Composite rose 1.79%, Dow Jones jumped 2.15% and S&P 500 surged 1.92%.

Stocks across Asian markets rose on Monday, following a largely-required jump in Wall Street as investors’ expectations of an aggressive rate hike from the Fed receded ahead of a high possibility of a rate hike in Europe and another round of corporate earnings.

At 8:42 am, South Korea’s KOSPI jumped 1.45%, Japan’s Nikkei 225 was closed for a holiday, Hong Kong’s Hang Seng index soared 2.2%, China’s Shanghai Composite rose 1.16%, and Australia's ASX 200 was up 0.84%.

Oil slipped in early trade amid rising cases of Covid-19 in China and chances of lockdowns curtailing fuel demand, as China is the top oil importer.

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