The Nifty Futures on Singapore Exchange was indicating a gap down opening for the Indian equity markets amid weak cues from global markets as investors faced possibility of faster monetary tightening to foght rising inflation.
SGX Nifty
Nifty Futures on Singapore Exchange alsoknown as the SGX NIfty Futures fell 0.99 per cent or 178 points to 17,843.
Asian Markets
Asian share markets slipped on Wednesday as investors faced up to the possibility of aggressive monetary tightening by the U.S. Federal Reserve to fight inflation, while focus was also on new Western sanctions against Russia over its invasion of Ukraine.
U.S. Treasury yields hit multi-year highs and stock markets were red after Fed Governor Lael Brainard said overnight that she expected a combination of interest rate rises and a rapid balance sheet runoff to take U.S. monetary policy to a "more neutral position" later this year.
In early trade in Asia, Japan's Nikkei shed 1.5 per cent, while South Korean shares fell 0.8 per cent and Australian shares lost 1.2 per cent.
Markets in mainland China were set to reopen after two days of public holidays. Chinese authorities extended a lockdown in Shanghai on Tuesday to cover all of the financial centre's 26 million people, despite growing anger over quarantine rules in the city, news agency Reuters reported.
US Markets
Stocks closed lower and bond yields jumped Tuesday as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates and take other steps in a bid to tame surging inflation.
The S&P 500 fell 1.3 per cent after shedding a modest early gain. The Dow Jones Industrial Average fell 0.8 per cent and the Nasdaq slid 2.3 per cent.
The S&P 500 had its first loss in three days. It notched three straight weekly gains coming into this week, during which the market regained some of its footing after a skid in January and February as rising inflation, uncertainty over the Fed’s next interest rate policy moves and the war in Ukraine rattled Wall Street.
Foreign Flows
The foreign institutional investors bought shares worth Rs 375 crore on Tuesday while domestic institutional investors bought shares worth Rs 105 crore.
RBI Monetary Policy Committee Meet
Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee (MPC) will unveil the first monetary policy of the new financial year on Friday, April 8, after a two-day review amid concerns over rising inflation.
Despite spiralling inflation, the Reserve Bank is likely to hold all key rates and retain the accommodative stance at the forthcoming policy review later this week, PTI quoted a Wall Street brokerage.
Crude and Gold Price Check
Benchmark U.S. crude oil for May delivery fell $1.32 to $101.96 a barrel Tuesday. Brent crude for June delivery fell $89 cents to $106.64 a barrel.
Gold for June delivery fell $6.50 to $1,927.50 an ounce. Silver for May delivery fell 6 cents to $24.53 an ounce and May copper rose 2 cents to $4.80 a pound.
Russia-Ukraine War Update
President Joe Biden approved a $100 million transfer of Javelin anti-armor missiles to Ukraine on Tuesday, according to an administration official.
The transfer brings the total of U.S. military assistance for Ukraine to $2.4 billion since Biden took office last January.
The White House announced late Tuesday that Biden approved the assistance, which is funded as part of a broader $13.6 billion in aid for Ukraine approved by Congress last month after Russia’s invasion.
