MARKETS: Gap-down start likely on weak global cues; SGX Nifty falls 200 pts

MARKETS: Gap-down start likely on weak global cues; SGX Nifty falls 200 pts


LIVE market updates: The key benchmark indices are likely to start trade lower on Friday as the US inflation data has triggered fresh worries around rate hikes by the At 8 am, the SGX Futures were at 17,413, down 200 points from Nifty’s spot close the previous day.

US inflation data on Thursday showed consumer prices surged 7.5 per cent last month on a year-over-year basis, topping economists’ estimates of 7.3 per cent and marking the biggest annual increase in inflation in 40 years

Along with this hawkish comments from a Federal Reserve official further soured sentiment. St. Louis Federal Reserve Bank President James Bullard reportedly said the data had made him more hawkish. Bullard, a voting member of the Fed’s rate-setting committee this year, said he now wanted a full percentage point of interest rate hikes by July 1

Back home, Ashok Leyland, Divi’s Laboratories, India Cements, Jet Airways (India), Motherson Sumi Systems, NHPC, Oil India, will detail their quarterly numbers today and will likely be in focus.

Global cues

Among the key US indices, Dow Jones dropped 1.5 per cent. The S&P 500 index and Nasdaq Composite tumbled 1.8 per cent and 2.1 per cent, respectively.

Nearer home, major in Asia were mixed on Friday. Kospi and Taiwan were down 0.5 per cent each. Hang Seng was a wee bit in red, while Shanghai gained 0.2 per cent.

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