MARKET LIVE: Gap-down open on cards for Sensex, Nifty amid weak global cues

1 week ago

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Stock market live updates: The benchmark Sensex and Nifty indices are likely to start lower on Friday amid feeble global cues and weak domestic sentiment due to a sharp fall in the rupee. 

At 8:10 am, the SGX Nifty futures were 100 points lower at 17,545 levels. In addition to global tepidness, market mood can also remain cautious today due to the weekend factor. 

Following the US Fed's commentary that hinted at more large rate hikes ahead, the rupee crashed to an all-time low of 80.87/$ on Thursday as it suffered the steepest one-day fall since the Ukraine war. 

Among other global central banks, the Bank of England also delivered a smaller than expected 50-bps rate hike on Thursday, adding that the UK economy may already be in a recession. 

That said, among stocks, Tata Steel will be in the limelight as the company’s board has approved the merger of 7 of its subsidiaries– Tata Metaliks, TRF, Tata Steel Mining, Indian Steel & Wire Pdts, S&T Mining, Tata Steel Long Pdts, and Tinplate– with itself. 

Global cues

In the US, the S&P 500 slid 0.8 per cent on Wednesday, while the Nasdaq slipped 1.4 per cent and the Dow fell 0.3 per cent. 

Major Asian markets were also weak this morning. Nikkei and Hang Seng fell up to 0.6 per cent. Strait times, Kospi and S&P/ASX 200 were down 0.8-1.7 per cent. 

Brent Crude was nearly unchanged at $90 per barrel. 


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