SGX Nifty Drops Ahead of India WPI, D-Street Opening Cues for New Week

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.22% or 40 points lower at 8:41 am on Monday, indicating a lower opening on Dalal Street.

Further, the Dow Jones Futures and Nasdaq 100 Futures traded flat, but with a negative bias.

India is set to release its WPI inflation data for April 2023 in the afternoon today.

Major US indices ended lower on Friday after mega-cap stocks declined, following the US consumer sentiment falling to a six-month low. For the week, the indices dropped up to 0.4%, as investor concerns grew that the Fed’s aggressive hike could tip the economy into recession.

Nasdaq Composite lost 0.35%, Dow Jones dipped 0.03% and S&P 500 dropped 0.16% on Friday.

Asian shares began the new week on a cautious note ahead of China’s policy rate decision economic data lined up in the week, along with a spate of US Fed officials set to speak, including Chair Jerome Powell .

Read Also: India WPI, Powell’s Speech Among Key Economic Triggers to Set Stage for Market This Week

At 8:37 am, South Korea’s KOSPI declined 0.46%, Japan’s Nikkei 225 rose 0.4%, Hong Kong’s Hang Seng index traded flat, China’s Shanghai Composite fell 0.83% and Australia’s ASX 200 dropped 0.17%.

Oil prices declined on Monday after falling for four consecutive weeks on concerns over slowing economic growth. Further, strength in the US dollar also kept prices under pressure, as markets dialled back bets that the Fed will trim interest rates this year, noted an Investing.com report.

Brent crude fell 0.76% to $73.6/barrel and WTI Futures sank to $69.56 a barrel while writing. Natural Gas Futures slipped 0.22%.