Stocks may slide on weak global cues

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 117 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday after Wall Street dropped overnight, while investors awaited gross domestic product reading and inflation numbers from the U.S. Investors in Asia will assess producer prices reading from South Korea, as well as Indonesia�s central bank decision on Thursday.

US stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street`s impressive rally, which had been driven by falling interest rates and the Federal Reserve`s dovish turn.

Domestic markets:

Back home, domestic equity benchmarks tanked on Wednesday as the bulls retreated, allowing the bears to take control. Market concerns about valuations led to widespread profit-booking at the peak. The barometer index, the S&P BSE Sensex slipped 930.88 points or 1.30% to 70,506.31. The Nifty 50 index lost 302.95 points or 1.41% to 21,150.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,322.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,754.34 crore in the Indian equity market on 20 December, provisional data showed.

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