SGX Nifty Futures Up, Indicate Strong Opening on Dalal Street: Global Cues

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , was trading 0.71% or 125.5 points higher at 9 am on Thursday, indicating a strong opening on Dalal Street.

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

Major indices on Wall Street shot up on Wednesday and posted the highest single-day jump since Aug 10, as bond yields softened and investors appeared to shrug off hawkish remarks on rate hikes made by the Fed officials in the day.

Rate-sensitive stocks like Microsoft (NASDAQ: MSFT ), Tesla and Amazon.com (NASDAQ: AMZN ) rose the most as bond yield declined, giving a lift to the tech-heavy index Nasdaq Composite , which snapped a 7-day long losing run and rallied 2.14%.

Indice S&P 500 jumped 1.8% and Dow Jones gained 1.4%. 

Stocks across Asian markets traded mostly higher on Thursday, tracking an overnight rally on Wall Street. Japan’s GDP for Q2 was revised upward to an annual rate of 3.5% growth, better than the initial estimate of 2.2%. 

At 8:50 am, South Korea’s KOSPI gained 0.38%, Japan’s Nikkei 225 rallied 2.05% each, China’s Shanghai Composite slipped 0.06%, Hong Kong’s Hang Seng declined 0.4% and Australia's ASX 200 surged 1.44%.

Oil prices surged on Thursday as a potential energy standoff between Russia and European countries overshadowed concerns related to mounting inflation and recession. Brent crude jumped 1.06% to $88.9/barrel and WTI Futures surged 1.18% to $82.9/barrel. Natural gas Futures traded flat.