Indices may tumble in early trade on weak global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 152 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday, as investors continue monitoring developments surrounding the Covid situation in mainland China. The major Chinese city of Shanghai has accounted for most of mainland China`s new Covid cases and was in lockdown about a week after a two-part shutdown was originally supposed to end.

The World Health Organization said Monday it is monitoring the Covid situation in mainland China, where officials have been battling a major surge in cases.

US stocks fell Monday as investors grew increasingly concerned a three-year high in the benchmark U.S. interest rate would start to slow the economy.

U.S. inflation data is also expected to be out later Tuesday stateside and could provide more clues on the outlook for Federal Reserve policy.

Oil prices dropped on Monday amid fears that Covid lockdowns in China would depress global demand. International benchmark Brent crude declined 4.18% to settle at $98.48 per barrel.

Domestic markets:

Back home, the domestic equity benchmarks ended with modest losses on Monday, tracking weak global stocks. The S&P BSE Sensex shed 482.61 points or 0.81% at 58,964.57. The Nifty 50 index fell 109.40 points or 0.62% at 17,674.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,145.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 486.51 crore in the Indian equity market on 11 April, provisional data showed.

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