Nifty’s Opening Cues: Asian Markets Rise, CPI Inflation Hits 8-Yr High & More

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Nifty’s Opening Cues: Asian Markets Rise,  CPI Inflation Hits 8-Yr High & More

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.95% higher at 8:25 am on Friday, indicating a positive opening, amid Asian markets trading higher, and as US indices close on a mixed note.

At the same time, the Dow Jones Futures climbed 0.24% and Nasdaq 100 Futures gained 0.74%.

As per data released on May 12, India’s CPI inflation print has surged 84 basis points in April 2022 to 7.79%, the highest since May 2014, exceeding the already highly-set consensus target for the month.

Major indices on Wall Street ended the session on a mixed note after gyrating wildly on Thursday, as signs of rising inflation prompted that the US Fed could adopt an even aggressive rate hike in the future, looming concerns amid the investors. 

While Nasdaq Composite marginally gained 0.06%, S&P 500 declined 0.13% and Dow Jones fell 0.33%. The recent sell-off has almost pushed S&P 500 to the brink of a bear market. 

Stocks across Asian markets gained on Friday, posting a mix overnight close on Wall Street, despite concerns of high inflation and rate hikes. Also, the US dollar surged to a fresh 20-year peak and global stocks approached 18-month lows.

At 8:20 am, South Korea’s KOSPI gained 1.64%, Japan’s Nikkei 225 jumped 2.6%, China's Shanghai Composite rose 0.2%, Hong Kong’s Hang Seng index climbed 1.56%, and Australia's ASX 200 gained 1.3%.

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