Nifty’s Opening Ahead of RBI Policy Outcome, Weak Global Markets & Oil

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Nifty’s Opening Ahead of RBI Policy Outcome, Weak Global Markets & Oil
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.11% or 20 points lower at 8:54 am on Wednesday, indicating a lower-to-muted opening on Dalal Street, as investors await the RBI’s monetary policy announcement in the day.

Further, the Dow Jones Futures gained 0.11%, while Nasdaq 100 Futures rose 0.13%.

Major indices on Wall Street fell sharply on Tuesday amid resurging fears of the Fed aggressively raising interest rates, in addition to prospects of a looming recession. 

Shares of Meta Platforms crashed almost 7% on reports of EU regulators ruling out that users are not required to agree to personalised ads based on their digital activity.

Nasdaq Composite plunged 2%, S&P 500 tanked 1.44%, falling for the fourth straight session and Dow Jones declined 1.03%.

Stocks across Asian markets fell on Wednesday, following an intense overnight sell-off on Wall Street amid rising concerns of an upcoming recession.

At 8:58 am, South Korea’s Kospi slipped 0.4%, Japan’s Nikkei declined 0.46%, Hong Kong’s Hang Seng lowered 0.2%, China’s Shanghai Composite fell 0.45% and Australia's ASX 200 corrected 0.6%.

Oil prices languished on Wednesday, hovering near a one-year low amid rising concerns over economic health in the US and prospects of higher interest rate hikes by the Federal Reserve.

Brent crude fell below $80/barrel for the second time in 2022, sliding to levels during the pre-Ukraine crisis.

Brent Futures traded at $79.33/barrel and WTI Futures fell to $74.17/barrel. Natural Gas Futures jumped 2.9%.

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