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Market may tumble in early trade

Published on Mar 07, 2022 08:37

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could tumble 430 points at the opening bell.

On the political front, the seventh and final phase of Uttar Pradesh elections 2022 will begin at 7 am and end at 6 pm today, bringing the curtains down on these fiercely contested polls held in five states. The results of exit polls for elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur will be broadcast from 7 pm today, after the end of polling. Votes will be counted on March 10.

Global markets:

Overseas, Asian stocks are trading lower on Monday trade as oil prices surged, with the ongoing Russia-Ukraine war continuing to weigh on investor sentiment globally.

China lowered its GDP target to 5.5% for this year from last year`s 6.1%. The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People`s Congress (NPC), the country`s parliament which opened its annual session in Beijing on March 5.

Oil prices soared in the morning of Asia trading hours on Monday, with international benchmark Brent crude futures hovering near $128 per barrel. The sharp rise in oil prices, which already recently spiked, came after U.S. Secretary of State Antony Blinken said Sunday Washington and its allies are considering banning Russian oil and natural gas imports.

Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy.

The International Monetary Fund on Saturday said the War in Ukraine will have `severe impact` on global economy. "While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious," the IMF said.

Domestic markets:

Back home, key equity benchmarks ended with deep losses on Friday, amid weak global cues. The barometer index, the S&P BSE Sensex, fell 768.87 points or 1.40% at 54,333.81. The Nifty 50 index shed 252.70 points or 1.53% at 16,245.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,631.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,738.99 crore in the Indian equity market on 4 March, provisional data showed.

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