Nifty’s Opening on Jan 19 Amid Global Sell-Offs; SGX Nifty Futures Down

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Nifty’s Opening on Jan 19 Amid Global Sell-Offs; SGX Nifty Futures Down

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was found trading 0.4% lower at 8:27 am on Wednesday, tracking sell-offs across the global markets and indicating Dalal Street to open on a flat-to-negative note. At the same time, the Dow Jones Futures was trading flat.

The three major indices of Wall Street declined amid a broad sell-off in the market, led by technology and bank stocks, triggered by surging bond yields. This was a result of renewed fears looming around the expectation of the Fed’s aggressive interest rate hikes to tackle rising inflation.

Bond yields continued to advance and the 10-year Treasury hit 1.87%, its highest in 2 years. Besides, Nasdaq closed at its lowest level in 3 months, and 90% of stocks in the S&P 500 index ended Tuesday in red.

The tech-heavy Nasdaq Composite declined 2.6%, S&P 500 1.84% lower%, and Dow Jones slid 1.51%.

Stocks across the Asian markets traded lower on Wednesday, tracking losses in Wall Street, amid rising US Treasury yields leading to a global sell-off, along with concerns regarding earlier-than-expected interest rate hikes.

At 8:234 am on Wednesday, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.76%, and South Korea's KOSPI tumbled 0.56%, while Japan’s Nikkei 225 tumbled 1.8%. 

At the same time, Hong Kong’s Hang Seng Index rose 0.25%, and China's Shanghai Composite fell 0.2%.

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