Market LIVE Updates: Sensex opens 1000 pts lower, Nifty below 16,000; Asian peers weak
Benchmark Indian equity indices may see a negative start on Thursday. The SGX Nifty was down 1.52% at 08:55 AM. On Wednesday, the Sensex lost 109.94 points, or 0.20%, to close at 54,208.53, while Nifty50 declined 19 points to end at 16,240.30.
Indian benchmark indices are set to face heavy turbulence today amid negative global market cues. US markets saw the worst sell off since June 2020 as inflation fear looms.
Retail major Target Corp’s quarterly results dropped drastically and has hinted towards further shrinkage in margins owing to rising fuel and freight cost. The scrip fell by almost 25% thus, losing quarter of its market capitalisation.
On the technical front, the key resistance level for Nifty50 is 16,350 followed by 16400 and on the downside 15,900 and 15,750 will act as strong support. They key resistance level for Bank Nifty is 34,500 followed by 34,800 and on the downside 33,500 and 33,100 will act as strong support.
The dollar index, which tracks the greenback against six major peers, edged 0.05% lower to 103.74, after a 0.55% jump overnight that ended a three-day losing streak.
The yen slipped, with the dollar adding 0.21% to 128.495 yen after a 0.86% tumble on Wednesday.
The Swiss franc continued to strengthen, with the dollar losing a further 0.13% to 0.9869 franc, following a 0.6% slide.
The benchmark 10-year U.S. Treasury yield was steady around 2.89% in Tokyo trading after dropping from as high as 3.015% in the prior session.
Benchmark three-month copper on the London Metal Exchange (LME) was steady at $9,236.50 a tonne, as of 0213 GMT, after dropping 1.4% in the previous session.
The most-active June copper contract on the Shanghai Futures Exchange was down 0.5% at 71,380 yuan ($10,556.36) a tonne.