Nifty’s Opening As Asian Markets Thrashed, S&P 500 Hits New 2-Yr Low: Global Cues

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Nifty’s Opening As Asian Markets Thrashed, S&P 500 Hits New 2-Yr Low: Global Cues
Credit: © Reuters.

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.

Further, the Dow Jones Futures fell 0.73% and Nasdaq 100 Futures tumbled 1.03%.

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.

Nasdaq Composite gained 0.25%, Dow Jones declined 0.43% and S&P 500 slipped 0.21%, as a late rally provided some relief. 

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.

At 8:05 am, Japan’s Nikkei and South Korea’s Kospi crashed 2.24% each, China’s Shanghai Composite fell 0.91%, Hong Kong’s Hang Seng index plunged 2.31% and Australia's ASX 200 tanked 0.86%.

Oil sank on Wednesday with Brent crude tanking 1.65% to $83.48/barrel and WTI Futures falling 1.61% to $77.24/barrel at the time of writing. Natural Gas Futures surged 1.5%.

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  • Tapas Kanti Mitra @Tapas Kanti Mitra
    Nifty50 will rise above 17750
    Like 0
  • Raj Bha @Raj Bha
    nifty50 tomorrow goes 16946 and than once down again
    Like 0
  • Raj Bha @Raj Bha
    nifty50 tomorrow goes 16946 and than once down again
    Like 0
  • Rodiwal Rodiwal @Rodiwal Rodiwal
    Thanks
    Like 2

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