SGX Nifty Futures Indicate Positive Opening on D-St Ahead of Fed’s Policy Meet

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SGX Nifty Futures Indicate Positive Opening on D-St Ahead of Fed’s Policy Meet

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.85% or 150 points higher at 8:35 am on Tuesday amid strong global cues ahead of the Fed’s policy meeting, indicating a positive opening on Dalal Street.

Further, the Dow Jones Futures gained 0.14% and Nasdaq 100 Futures rose 0.2%.

Major indices on Wall Street ended a volatile session higher on Monday ahead of a two-day Fed policy meeting, starting Tuesday. Investors expect the central bank to hike interest rates by 75 bps.

The 10-year Treasury yield jumped to its highest level in 11 years amid expectations of higher and longer-than-estimated rate hikes to tame the soaring inflation.

Nasdaq Composite surged 0.76%, Dow Jones rose 0.64% and S&P 500 gained 0.69%. 

Stocks across Asian markets rose on Tuesday, tracking overnights gains on Wall Street as investors await the Fed’s rate hike decision, which is expected to be hefty, given the decades-high inflation print. 

At 8:30 am, Japan’s Nikkei gained 0.42%, South Korea’s KOSPI surged 0.47%, China’s Shanghai Composite jumped 0.66%, Hong Kong’s Hang Seng index rallied 1.16% and Australia's ASX 200 spiked 1.24%.

Oil prices ticked a little higher on Tuesday as traders from big bets ahead of the U.S. Fed meeting, while doubts over steady demand in the remainder of the year also weighed on trade. Brent crude gained 0.24% to $92.2/barrel and WTI Futures rose to $85.4/barrel at the time of writing.

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