Market Commentary - Pre-Session
Stocks may tumble on weak global cues As on : 10-Mar-23  08:26

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 158.50 points at opening today.

Global Markets:

Brent crude futures fell $1.07, or 1.3%, to settle at $81.59 a barrel on Thursday, their lowest close since 22 February.

The US Dow Jones index futures were down 124 points, indicating a positive opening in the US stocks today.

Asian stocks fell across the board on Friday, as investors await the closely watched February non-farm payrolls report from the U.S. that could further determine the direction on the Federal Reserve's rate hikes ahead.

The Hang Seng index in Hong Kong slumped 2.32%, leading losses in the region.

The US stocks tumbled Thursday, as investors braced for a key payroll report Friday that could shape the direction of interest rates. The S&P 500 slid 1.85% to end at 3,918.32, while the Dow Jones Industrial Average dove 543.54 points, or 1.66%, to settle at 32,254.86. The Nasdaq Composite shed 2.05% to finish at 11,338.35.

Thursday's losses brought the Dow to close below its 200-day moving average for the first time since 9 November 2022.

The number of Americans filing new claims for unemployment benefits increased more than expected last week. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended 4 March, the Labor Department said on Thursday.

Domestic Equity Market:

The domestic equity benchmarks ended with deep cuts on Thursday, snapping a three-day gaining streak. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex fell 541.81 or 0.90% to 59,806.28. The Nifty 50 index lost 164.80 points or 0.93% to 17,589.60.

Foreign portfolio investors (FPIs) sold shares worth Rs 561.78 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 42.41 crore in the Indian equity market on 8 March 2023, provisional data showed.

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