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Market may open on weak note

·2-min read

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 54 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Wednesday after Wall Street sank for the third consecutive day led by declines in heavyweight technology companies. Meanwhile, AstraZeneca said a late-stage trial of its Covid-19 vaccine candidate has been put on hold due to safety concerns.

Chinese inflation data for August released Wednesday showed the producer price index declined 2% in August from a year earlier, according to China's National Bureau of Statistics. The consumer price index in August rose 2.4% as compared with a year ago.

In US, stocks closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off. Among U.S. technology names, electric-car maker Tesla plunged 21.1% to suffer its biggest daily percentage drop after it was excluded from a group of companies being added to the S&P 500.

Apple dropped 6.7% to lead tech lower. Facebook and Amazon were both down more than 4%. Microsoft fell 6.7%. Netflix closed 1.8% lower and Alphabet lost 3.6%. Zoom Video fell by 5.1%.

Domestic markets:

Back home, key equity barometers ended a volatile session with minor cuts on Tuesday. The barometer index, the S&P BSE Sensex, lost 51.88 points or 0.14% at 38,365.35. The Nifty 50 index slipped 37.70 points or 0.33% at 11,317.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,056.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 620.29 crore in the Indian equity market on 8 September, provisional data showed.



Source: Capitalmarket.com