Stocks may see dismal opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 226 points at the opening bell.

Global markets:

Overseas, Asian stocks slipped on Friday as investors remain on edge over Russia`s invasion of Ukraine. The State Emergency Service of Ukraine reportedly said Friday that following an attack by Russian forces on Europe`s largest nuclear power plant, the facility is currently secure.

U.S. stocks churned lower on Thursday, led to the downside by tech sector, as action in the energy and bond markets slowed and investors monitored the war in Ukraine.

Traders also monitored comments from Federal Reserve officials, including Fed Chairman Jerome Powell`s testimony to the Senate Banking Committee for his second day of Congressional testimony this week. Cleveland Fed President Loretta Mester said Thursday that the war in Ukraine intensified the need for the Fed to raise rates.

Domestic markets:

Back home, the domestic equity barometers ended with modest losses on Thursday. The barometer index, the S&P BSE Sensex, was down 366.22 points or 0.66% to 55,102.68. The Nifty 50 index shed 107.90 points or 0.65% to 16,498.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,644.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,799.24 crore in the Indian equity market on 3 March, provisional data showed.

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