Nifty’s Opening as Nasdaq Confirms Correction; SGX Nifty Futures Down

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was found trading 0.17% lower at 8:19 am on Thursday, tracking sell-offs across the global markets and indicating Dalal Street to open on a negative-to-flat note. At the same time, the Dow Jones Futures was up 0.1%.

The three major indices of Wall Street declined amid a broad sell-off in the market, led by technology and growth stocks, as investors reviewed a wide variety of corporate earnings, amid surging U.S. Treasury yields and the Fed’s tightening monetary policy. 

Stocks have slid majorly this month as investors gauge the Fed’s aggressive interest rate hikes to tackle rising inflation.

The Nasdaq ended Wednesday’s session 10.7% lower than its record high attained in November, confirming a market correction. In the past 2 years, the tech-heavy index has corrected four times. Shares of Apple (NASDAQ: AAPL ) tumbled 2.1%, while Qualcomm (NASDAQ: QCOM ) sank 3.5%.

Nasdaq Composite ended 1.15% in red, S&P 500 0.97% lower, and Dow Jones slid 0.96%.

Stocks across the Asian markets traded mixed on Thursday, shrugging off losses on Wall Street, through concerns regarding a rising global sell-off, and an earlier-than-expected US interest rate hike looms.

At 8:15 am on Thursday, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.48%, while South Korea's KOSPI climbed 0.17%, and Japan’s Nikkei 225 rose 0.5%. 

At the same time, Hong Kong’s Hang Seng Index grew 1.67%, while China's Shanghai Composite dropped 0.43%.