SGX Nifty Jumps on Strong Global Indices Post First Republic Rescue Plans

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SGX Nifty Jumps on Strong Global Indices Post First Republic Rescue Plans

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.74% or 127 points higher at 8:54 am on Friay, indicating a positive opening on Dalal Street. 

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

Major indices in the US rallied on Thursday, led by a strong uptick in financial stocks as financial banking heavyweights like JP Morgan Chase (NYSE: JPM ) and Morgan Stanley (NYSE: MS ) stepped in to rescue First Republic Bank (NYSE: FRC ) by depositing up to $30 billion to stabilize the lender.

Shares of the two banks jumped 2%, while those of the embattled First Republic Bank zoomed 10%.

Nasdaq Composite soared 2.5%, Dow Jones rallied 1.17% and S&P 500 buoyed 1.76%. 

Asian stocks jumped sharply on Friday, following a risk rally in the overnight Wall Street session, giving a breather to the brewing banking crisis. The European Central Bank (ECB) delivered a 50 bps rate hike amid the ongoing Credit Credit Suisse (SIX: CSGN ) turmoil.

At 8:48 am, Japan’s Nikkei 225 and South Korea’s KOSPI gained 0.7% each, China’s Shanghai Composite rallied 1.44%, Hong Kong’s Hang Seng jumped 1.7%, and Australia's ASX 200 climbed 0.3%.

Oil prices surged on Friday, following prospects of supportive measures taken by the OPEC+ despite fears of an economic slowdown stemming from a banking crisis capped gains.

Brent crude jumped 1.1% to $75.52/barrel and WTI Futures buoyed 1.2% to $69.2/barrel. Natural Gas Futures declined 0.55%.

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  • Neeraj Sahu @Neeraj Sahu
    good, hopefully bulls come
    Like 0

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