Nifty’s Opening on Monday As Nasdaq Ends a Brutal Week & Asian Markets Decline

  • Stock Market News
Nifty’s Opening on Monday As Nasdaq Ends a Brutal Week & Asian Markets Decline
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was found trading 0.63% lower at 8:30 am on Monday, indicating Dalal Street to have a gap-down opening. At the same time, the Dow Jones Futures was up 0.6%.

The three major indices of Wall Street continued declining on Friday, with the S&P 500 and Nasdaq booking their worst weekly drop since March 2020, the start of the pandemic, with looming fears around the Fed aggressively tightening the monetary policy, amid a broad sell-off in the market, led by poor economic and earnings results data.

For the week, S&P 500 declined 5.7% and Nasdaq tanked 7.6%, their worst drops since 2020. Netflix (NASDAQ: NFLX ) nosedived 21.8% on Friday, after delivering a disappointing quarterly result.

Nasdaq Composite ended 2.72% lower, S&P 500 declined 1.89%, and Dow Jones dropped 1.3%.

Stocks across the Asian markets tumbled on Monday, expecting earlier-than-expected US interest rate hikes amid geopolitical tensions while awaiting a key policy decision by the Fed this week. 

At 8:27 am on Monday, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.15%, while South Korea's KOSPI declined 1.78%, and Japan’s Nikkei 225 was down 0.55%. 

At the same time, Hong Kong’s Hang Seng Index dropped 1.2%, and China's Shanghai Composite gained 0.07%.

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