SGX Nifty indicates negative opening
Published on Sep 05, 2022 08:27
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 31 points at the opening bell.
Overseas, Asian stocks are trading mixed on Monday as investors digest the results of a private survey on Chinese services sector activity. China`s Caixin Services Purchasing Managers` Index came in at 55.0, compared with July`s print of 55.5.
The au Jibun Bank Japan Services Purchasing Managers` Index dropped to a seasonally adjusted 49.5 for August, lower than 50.3 in July. The marginal decline marks the first contraction in service sector business activity since March, S&P said in the report, citing the recent spike in Covid cases in the nation.
US stocks closed lower on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.
American employers slowed down their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending. The US government reported on Friday that the economy added 315,000 jobs last month, down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7%, from a half-century low of 3.5% in July.
Meanwhile, the G-7 agreed to explore the prospect of imposing a ban on shipments of Russian oil above a certain price in June. The statement from the G-7 added that the price cap`s effectiveness and impact would be closely monitored and revisited as necessary. The G-7 price cap on Russian oil comes as Western economic powers seek to deplete Russia`s war chest.
Back home, the domestic equity benchmarks ended near the flat line after a volatile session on Friday. The barometer index, the S&P BSE Sensex, rose 36.74 points or 0.06% to 58,803.33. The Nifty 50 index lost 3.35 points or 0.02% to 17,539.45.
Foreign portfolio investors (FPIs) sold shares worth Rs 8.79 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 668.74 crore in the Indian equity market on 2 September, provisional data showed.
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