Market LIVE: Lower open on cards as SGX Nifty slips 100pts amid weak cues

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Live market updates: The key benchmark indices are likely to start Friday’ session on a lower note in line with subdued global markets on the back of high US february CPI data.

At 8 am, the SGX Nifty futures were trading at 16,495 level, indicating a gap-down open of 100 points for the Nifty 50 index.

Global share markets slid on Thursday as US inflation hit almost 8 per cent, confirming that the Federal Reserve will most likely raise interest rates next week.

On Thursday, the benchmark indices logged strong gains in tandem with global peers, with assembly election victory for BJP in 4 out of 5 states also aiding the sentiment.

Investors will continue to watch out for developments on the Russia-Ukraine war. On Thursday, Russian foreign minister Sergey Lavrov reportedly said that Moscow has never wanted war and that it seeks to end the conflict.

Back home, market will also take note of the monthly IIP and manufacturing numbers to be announced post market hours today.

Among individual stocks, Lupin may be in focus as it has launched its first Reference Laboratory in East India in Kolkata. It is also setting up laboratories in West Bengal, Assam, Bihar, Jharkhand and Orissa to comprehensively cater to the East India region.

Global cues

The US markets ended with marginally losses, off the day’s lows on Thursday amid worries on tighter monetary policy by the US Federal Reserve next week as inflation hit a four-decade high at 7.9 per cent. Dow Jones and the S&P 500 slipped 0.4 per cent and 0.3 per cent, respectively, while Nasdaq declined almost a per cent.

Crude oil prices cooled-down for the second straight trading session on Thursday after Russia pledged to fulfill contractual obligations and some traders also felt that supply concerns were overdone. Brent crude dropped 1.6 per cent to $109.33 a barrel, and WTI crude futures were down 2.5 per cent at $106.02 a barrel.

Major markets in Asia were down sharply in trades on Friday morning as the pull-back rally fizzled out. Nikkei and Shanghai Composite tumbled 2 per cent each, while Hang Seng plunged 3 per cent. Kospi slipped over a per cent. Taiwan and Straits Times were down 0.7 per cent and 0.3 per cent, respectively.

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