Market may extend Monday`s slide

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 96 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high on fears aggressive U.S. interest rate hikes would push the world`s largest economy into recession.

US equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive interest rate hikes by the Federal Reserve would push the economy into a recession.

Investors are looking ahead to Wednesday when the Fed is expected to announce at least a half-point rate hike. The central bank has already raised rates twice this year, including a 50-basis-point increase in May in an effort to stave off the recent inflation surge. The Fed could even raise rates by 0.75% this week following Friday`s CPI report, as per reports.

Domestic markets:

Back home, the domestic equity benchmarks crashed on Monday, tracking dismal global cues. The barometer index, the S&P BSE Sensex, slumped 1,456.74 points or 2.68% to 52,846.70. The Nifty 50 index tumbled 427.40 points or 2.64% to 15,774.40.

Foreign portfolio investors (FPIs) lost shares worth Rs 4,164.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,814.50 crore in the Indian equity market on 13 June, provisional data showed.

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