By Malvika Gurung
Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 1.09% or 186 points lower at 8:05 am on Wednesday amid thrashed cues from Asian markets and S&P 500’s overnight performance, indicating a gap-down opening on Dalal Street.
Major indices on Wall Street continued sinking deeper on Tuesday as the S&P 500 index plunged to its lowest level in almost 2 years since Nov 30, 2020, recording a new year-low amid the Fed’s aggressive monetary tightening.
The index touched an intraday low of 3,623.29 in the session, falling under its June trough. Tim Ghriskey of Ingalls & Snyder believes that as long as the Fed continues raising interest rates and investors fail to decode the end of the rate-hike cycle, the market will continue being weak.
Stocks across Asian markets collapsed on Wednesday, tracking the S&P 500’s overnight fall and fears of a global recession. The Chinese yuan surpassed the 7.2 level against the USD and hovered at the lowest levels since early 2008.
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