Nifty’s Opening Cues: Wall St Indices End Lower, Asian Mkts Down, BoE Hikes Rates

  • Stock Market News
Nifty’s Opening Cues: Wall St Indices End Lower, Asian Mkts Down, BoE Hikes Rates
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.45% or 79 points lower at 8:55 am on Friday amid weak global cues, indicating a negative opening on Dalal Street.

Further, the Dow Jones Futures traded flat and Nasdaq 100 Futures slipped 0.17%.

Major indices on Wall Street continued their downward streak, falling for the third straight session on Thursday as investors reacted to the Fed’s supersized rate hike and ultra-hawkish outlook to tame sticky inflation.

Mega-cap growth stocks like Tesla (NASDAQ: TSLA ) and NVIDIA Corp (NASDAQ: NVDA ) plunged up to over 5% as the benchmark U.S. Treasury yield hit an 11-year peak.

Nasdaq Composite tanked 1.37%, Dow Jones declined 0.35% and S&P 500 fell 0.84%. 

Stocks across Asian markets followed weak cues from Wall Street’s overnight performance and continued to fall on Friday. Australian shares tanked to an over 2-month low in the session.

At 8:50 am, Japan’s Nikkei 225 corrected 0.6%, South Korea’s KOSPI plunged 1.6%, China’s Shanghai Composite fell 1.1%, Hong Kong’s Hang Seng index declined 0.8% and Australia's S&P/ASX 200 crashed 1.9%.

The Bank of England raised interest rates to 2.25% from 1.75% on Thursday in its fight against high inflation despite the economy entering a recession.

Brent crude traded at $90/barrel and WTI Futures at $83.2/barrel at the time of writing. Natural Gas Futures gained 0.7%.

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