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Weak opening on the cards on dismal global cues

Published on May 09, 2022 08:22

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 198 points at the opening bell.

Global markets:

Overseas, Asian stocks declined on Monday as investors look ahead to the release of Chinese trade data for April. Markets in Hong Kong are closed today for a holiday.

US stock indexes extended losses for a second day on Friday as elevated US Treasury yields dragged growth shares after stronger-than-expected jobs data amplified investor fears of bigger interest rate hikes to tame surging prices.

The Labor Department`s report showed nonfarm payrolls increased by 428,000 jobs in April. Unemployment rate remained unchanged at 3.6% in the month.

Domestic markets:

Back home, the domestic equity barometers ended with steep cuts on Friday, tracking negative global cues. The barometer index, S&P BSE Sensex dropped 866.65 points or 1.56% to 54,835.58. The Nifty 50 index was down by 271.40 points or 1.63% to 16,411.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,517.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,014.85 crore in the Indian equity market on 6 May, provisional data showed.

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