SGX Nifty Trades Higher Despite Muted Global Cues, Dow & S&P 500 in Bear Market

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SGX Nifty Trades Higher Despite Muted Global Cues, Dow & S&P 500 in Bear Market
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.35% or 59 points lower at 8:35 am on Tuesday, after a series of sharp sell-offs despite muted global cues, indicating a positive opening on Dalal Street.

Further, the Dow Jones Futures gained 0.55% and Nasdaq 100 Futures surged 0.6%.

Major indices on Wall Street extended their sell-off on Monday as investors continued to dump holdings on rising concerns that the Fed’s ultra-hawkish monetary tightening to tame the red-hot inflation could push the largest economy into recession.

Indices Dow Jones and S&P 500 have confirmed being in a bear market and on Monday, the latter closed below its mid-June closing low.

Nasdaq Composite dropped 0.6%, Dow Jones tanked 1.11% and S&P 500 declined 1.03% on Monday. 

Stocks across Asian markets shrugged off the overnight cues from Wall Street and opened higher, later trading mixed on Tuesday on fears of an economic slowdown. China’s industrial profits shrank 2.1% from Jan-Aug compared to the year-ago period due to recurring Covid-19 disruptions, a weakening yuan and lower production led by power shortages.

At 8:30 am, Japan’s Nikkei surged 0.83%, South Korea’s Kospi declined 0.36%, China’s Shanghai Composite rose 0.16%, Hong Kong’s Hang Seng index tanked 0.8% and Australia's ASX 200 climbed 0.2%.

Oil prices rose on Tuesday, with Brent crude climbing 0.36% to $83.16/barrel and WTI Futures advancing 0.4% to $77/barrel at the time of writing. Natural Gas Futures jumped 1.85%.

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  • Lucky Chap @Lucky Chap
    sonif this author is to be believed Mohatarma want Indian market to be bearish, Time and again i have said people need to think from a manufacturing and Demand point of view, it's a festive season ahead and we getting even shares on Big SALE, Think of love gical prospective Luxurious car sales figure will give better vie on how our market is demand driven
    Like 1

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