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Market may open lower on weak global signals

Published on Sep 16, 2022 08:13

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 103.50 points at the opening bell.

Global Markets:

The US Dow Jones index futures were down 163 points, indicating a negative opening in the US stocks today.

Asian shares declined on Friday as investors digest U.S. economic data and China`s industrial production and retail sales figures for August.

US stocks declined overnight as traders absorbed an ugly earnings warning from FedEx. Dow dropped 173 points, or 0.56%, for its lowest close since July 14. The Nasdaq Composite slid 1.43%, while the S&P 500 fell 1.13%.

Shares of FedEx plunged 15% in extended trading after the shipments company withdrew its full-year guidance, and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as "macroeconomic trends significantly worsened."

Domestic Equity Market:

Indian equities retreated from early highs to end with deep losses on Thursday, declining for the second consecutive day. The Sensex and the Nifty lost about 0.7% each as a lack of fresh triggers and subdued global cues weighed on the sentiment. The mid-cap space, however, showed some resilience. Trading was volatile due to the expiry of weekly index options on the NSE Thursday. The barometer index, the S&P BSE Sensex, declined 412.96 points or 0.68% to 59,934.01. The Nifty 50 index declined 126.35 points or 0.70% to 17,877.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,270.68 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 928.86 crore in the Indian equity market on 15 September 2022, provisional data showed.

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