Nifty’s Opening Post Fed’s Decision & Ukraine Crisis; SGX Nifty Futures Plunge 2%

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Nifty’s Opening Post Fed’s Decision & Ukraine Crisis; SGX Nifty Futures Plunge 2%
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 347 points or 2.01% lower at 8:37 am on Tuesday, following poor global cues, indicating Dalal Street to have a gap-down opening. At the same time, the Dow Jones Futures was down 0.6%.

The three major indices of Wall Street ended lower on Wednesday, erasing strong gains made earlier in the session, after the Fed indicated to hike the interest rate in March, while confirming its plan to end its bond purchases in the same month, to curb the soaring inflation.  

Consequently, the short-term U.S. yields climbed to their 23-month highs and the dollar hit multi-week highs against major currencies on Thursday. Besides, the rising geopolitical tension between Russia and Russia aided in pushing oil prices to a seven-year high.

Nasdaq Composite ended 0.02% up, S&P 500 dropped 0.1%, and Dow Jones declined 0.4%.

Stocks across the Asian markets tanked to their lowest in over 14 months, after the Fed’s stance on fighting inflation and concerns arising from the political tensions compounding around the Ukraine crisis.

At 8:28 am on Thursday, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.13%, while South Korea's KOSPI tanked over 3%, and Japan’s Nikkei 225 tumbled 2.55%, hitting a 52-week low.

At the same time, Hong Kong’s Hang Seng Index dropped 2.06%, and China's Shanghai Composite slid 0.78%.

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