SGX Nifty Up, Street’s Opening Cues This Busy Week: Asian, US Markets, Oil

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SGX Nifty Up, Street’s Opening Cues This Busy Week: Asian, US Markets, Oil
Credit: © Reuters.

By Malvika Gurung -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.13% or 22.5 points higher at 8:23 am on Monday, indicating a positive-to-muted opening on Dalal Street amid mixed global cues.

Further, the Dow Jones Futures slipped 0.16% and Nasdaq 100 Futures declined 0.28%.

Investors back home will see the December quarterly earnings of conglomerate giant L&T, along with market heavyweights including Bajaj Finserv (NS: BJFS ), Bharat Petroleum (NS: BPCL ) and Tech Mahindra (NS: TEML ) in a busy week on Monday.

Major indices on Wall Street rose on Friday as economic data and guidance from corporate earnings indicated softening demand and cooling inflation but economic resilience too ahead of the Fed’s policy meeting this week.

Nasdaq Composite surged 0.95%, Dow Jones gained 0.08% and S&P 500 rose 0.25%. So far in January 2023, the indices jumped 11%, 6% and 2.5% respectively.

Shares across Asian markets traded mixed on Monday, with some markets returning after the Lunar New Year holidays to a busy week scheduled with interest rate hikes across Europe and the US, along with other major economic events planned. 

At 8:25 am, Japan’s Nikkei 225 rose 0.33%, South Korea’s KOSPI tanked 1.12%, China’s Shanghai Composite gained 0.43%, Hong Kong’s Hang Seng fell 1.17% and Australia's ASX 200 traded flat.

Oil prices rose early Monday, following tensions in the Middle East after a drone attack in Iran, while the top importer China validated to promote a consumption recovery, supporting expectations of fuel demand.  

Brent crude climbed 0.12% to $86.5/barrel and WTI Futures gained to $79.8/barrel at the time of writing. Natural Gas Futures plummeted 5.81%.

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