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Weak opening on the cards

Published on Jul 12, 2022 08:25

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 123 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Tuesday after Wall Street slipped overnight. Also the prospect of further monetary policy tightening by central banks, China`s renewed COVID outbreak and Europe`s energy shortage impacted sentiment.

U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.

Twitter shares dropped sharply after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn`t being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.

Domestic markets:

Back home, the benchmark indices ended with tiny losses after a volatile session on Monday. The barometer index, the S&P BSE Sensex, down 86.61 points or 0.16% to 54,395.23. The Nifty 50 index shed 4.60 points or 0.03% to 16,216.

Foreign portfolio investors (FPIs) sold shares worth Rs 170.51 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 296.99 crore in the Indian equity market on 11 July, provisional data showed.

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