Nifty’s Opening Tracking Weak Global Cues & Firm Dollar After Fed Minutes

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Nifty’s Opening Tracking Weak Global Cues & Firm Dollar After Fed Minutes
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.2% or 33.5 points lower at 8:33 am on Thursday, indicating a muted-to-lower opening on Dalal Street, as markets reacted to the US Fed’s minutes.

Further, the Dow Jones Futures traded flat and Nasdaq 100 Futures slid 0.14%.

Major indices on Wall Street ended a volatile session lower on Wednesday, following the Fed’s minutes from the July meeting, indicating that the policymakers shall remain committed to raising interest rates aggressively for taming inflation.

Further, retailer company Target tanked almost 3% after posting weak quarterly earnings, weighing on the market for much of the session, while mega-cap growth stocks lowered too.

Nasdaq Composite fell 1.25%, Dow Jones lowered 0.5% and S&P 500 declined 0.72%. 

Stocks across Asian markets traded lower on Thursday, following overnight losses on Wall Street, after the minutes of the US Fed’s July meeting suggested that policymakers may be less aggressive than anticipated while raising interest rates in September.

The US dollar climbed overnight on indications that the Fed would go ahead with a steady course of rate hikes.

At 8:25 am, South Korea’s KOSPI declined 0.46%, Japan’s Nikkei 225 tanked 0.82%, Hong Kong’s Hang Seng index fell 0.56%, China’s Shanghai Composite slipped 0.44%, and Australia's ASX 200 lowered 0.34%.

Oil traded flat after easing in early hours on Thursday amid rising output from Russia and concerns of a potential global recession curtailing demand. Brent crude and WTI Futures traded flat at $93.68/barrel and $87.1/barrel. Natural gas Futures rose 0.4%.

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