Nifty, Sensex Open in Red: SGX Nifty Down, Global Cues Driving Mood

By Malvika Gurung

Investing.com -- Indian equity benchmark indices Nifty50 and Sensex opened on a negative note on Thursday, following weak global cues and an overnight fall on Wall Street.

The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.65% or 117 points lower at 9:21 am on Thursday, indicating a negative bias on Dalal Street.

Further, the Dow Jones Futures slipped 0.1% and Nasdaq 100 Futures rose 0.17%. 

Major indices on Wall Street declined on Wednesday, as investor sentiments thrashed amid rising Covid cases in China, mixed economic data and geopolitical tensions looming in 2023.

Nasdaq Composite hit its lowest closing of 2022 at 10,213.288, the lowest since the start of the bear market in Nov 2021. The index tanked 1.35%, S&P 500 fell 1.2% and Dow Jones declined 1.1% on Wednesday.

Stocks across Asian markets plunged on Thursday as soaring Covid cases in China erased investor optimism about the economy gaining momentum after the country relaxed its stringent Covid restrictions.

At 9:22 am, South Korea’s KOSPI 50 slid 1.64%, Japan’s Nikkei 225 fell 1.31%, Hong Kong’s Hang Seng declined 1.02%, China’s Shanghai Composite slipped 0.3% and Australia's ASX 200 tanked 1.13%.

Oil prices declined on Thursday amid rising concerns of demand curtailing as Covid cases surged in China, as it is the second largest oil consumer.

Brent Futures declined 0.44% to $83.62/barrel and WTI Futures lowered to $78.65/barrel. Natural Gas Futures slipped 0.13%.