MARKETS: Lower start likely on bearish global cues; SGX Nifty falls 200 pts

MARKETS: Lower start likely on bearish global cues; SGX Nifty falls 200 pts


LIVE market updates: The key benchmark indices are likely to start Monday’s session lower amid weak global cues heightened by interest rate hikes expectations and the growing geo-political tension around Russian and Ukraine.

At 8:10 am, the SGX Futures were 200 points down at 17,147, as against the Nifty’s spot close on the previous day.

In the market, Coal India, Eicher Motors, Graphite India, Grasim Industries, Balkrishna Industries, Adani Wilmar, NBCC and SpiceJet are some of the companies that will report their quarterly numbers later today.

In an other significant development, the state insurer – Life Insurance Corporation of India has filed its IPO draft papers with the market regulator SEBI The government will sell 5 per cent of its stake, fetching between Rs 60,000 crore and Rs 75,000 crore, thus pegging the insurer’s market value between Rs 12 trillion and Rs 15 trillion. The final valuation will be decided closer to the IPO. READ MORE.

Global cues

On Friday, the US crashed heavily with Dow Jones down 1.4 per cent and Nasdaq (2.8 per cent) after Washington warned that Russia had massed enough troops near Ukraine to launch a major invasion, and that an attack could begin any day.

Oil prices ended last week at fresh 7-year highs. Brent crude surged 3.3 per cent to $94.44 a barrel, and WTI crude soared 3.6 per cent to $93.10, a barrel.

This morning, the major in Asia were deep in red underlining the bearish sentiment. Nikkei plunged over 2.5 per cent. Kospi slumped 2.1 per cent. Taiwan and Hang Seng were down 1.8 per cent and 1.5 per cent, respectively. Straits Times slipped 0.6 per cent, while Shanghai Composite moved up 0.1 per cent.

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