Nifty’s Opening Ahead of Powell’s Speech: Dow Futures, SGX Nifty Up

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Nifty’s Opening Ahead of Powell’s Speech: Dow Futures, SGX Nifty Up
Credit: © Reuters.

The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.54% or 95.5 points higher at 8:43 am on Tuesday, indicating a positive opening on Dalal Street.

Further, the Dow Jones Futures rose 0.17% and Nasdaq 100 Futures advanced 0.3%. Major indices on Wall Street dipped on Monday, following a blowout jobs report that renewed concerns about the Fed continuing to hike interest rates for longer than anticipated after services activity in January remained strong along with robust job growth.

Traders will look out for Fed Chair Jerome Powell’s speech later in the day to know the central bank’s rhetoric and if it continues its transformation from hawk to dove.

Nasdaq Composite tanked 1%, Dow Jones slipped 0.11% and S&P 500 declined 0.67%.

Asian markets brushed off lower sentiments from Wall Street’s overnight session and traded higher on Tuesday, after losses in the previous session, while the US dollar remained high amid prospects of rate hikes to continue ahead for longer.

At 8:45 am, Japan’s Nikkei 225 gained 0.22%, South Korea’s KOSPI rallied 2.42%, China’s Shanghai Composite climbed 0.2%, Hong Kong’s Hang Seng surged 0.91% and Australia's ASX 200 traded flat%. 

Oil prices surged on Tuesday as markets held out for a swift recovery in Chinese demand this year, along with supply concerns after an earthquake shuttered a major export terminal in Turkey.

Brent crude surged 1.01% at $81.8/barrel and WTI Futures jumped to $74.95/barrel. Natural Gas Futures slipped 0.3%.

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