Trends on SGX Nifty indicate a gap-down opening for Indian markets today. The market may witness volatility due to the expiry of September futures & options contracts today, 24 September and roll over of positions to next month.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 129 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading lower on Thursday following overnight declines on Wall Street amid fresh concerns that the global economic recovery is running out of steam.
In US, stocks fell sharply on Wednesday, as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.
Shares of Amazon and Netflix dropped 4.1% and 4.2%, respectively, to lead Big Tech lower. Facebook slid 2.3%. Alphabet closed 3.5% lower. Apple ended the day down 4.2% and Microsoft dipped 3.3%. Shares of Tesla fell 10.3% after Elon Musk offered new delivery predictions for 2020 and detailed a new battery design that he claims will make Tesla's cars cheaper to produce. Nike shares jumped 8.8% after the company said digital sales surged more than 80% last quarter.
On the stimulus front, lawmakers are still struggling to move forward with a new package. Federal Reserve Chairman Jerome Powell said before Congress on Wednesday that further fiscal stimulus is still needed for the U.S. economic recovery to continue.
In coronavirus developments, Johnson & Johnson said Wednesday it has begun its phase three trial testing its potential coronavirus vaccine. The firm is the fourth drugmaker backed by U.S. President Donald Trump's administration's Covid-19 vaccine program, Operation Warp Speed, to enter late-stage testing.
Domestic markets:
Back home, domestic equity benchmarks ended with small losses after a volatile session on Wednesday. The Nifty regained 11,100 mark after falling below that level in intraday. The barometer index, the S&P BSE Sensex, fell 65.66 points or 0.17% at 37,668.42. The Nifty 50 index lost 21.80 points or 0.20% at 11,131.85. The 50-unit index has fallen 4.07% in five sessions.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,912.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,629.23 crore in the Indian equity market on 23 September, provisional data showed.
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