Indices may tumble on weak global cues

10 Oct 2022 , 08:12 AM

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 278 points at the opening bell. Global markets: Overseas, Asian stocks are trading lower on Monday after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again. Chinese investors return from a week-long break. Markets in Japan, South Korea, Taiwan and Malaysia are closed today for holidays. US stocks tumbled on Friday after data showed the unemployment rate declined in September, sparking fear that the Federal Reserve would continue hiking rates aggressively. The US economy added 263,000 jobs last month, showing a steady slowdown from the blistering pace in 2020 and 2021, the Labor Department said in the closely-watched report. The unemployment rate slipped two-tenths of a percentage point to 3.5 percent. Geopolitical tensions added to the uncertainty as markets waited to see how the Kremlin might respond to the blast that hit Russias only bridge to Crimea. Later this week, the Bank of Korea will announce its benchmark interest rate decision, Singapore is set to announce its GDP estimate for the third quarter and China releases inflation data. Domestic markets: Back home, the frontline indices ended almost flat after a volatile session on Friday. The barometer index, the S&P BSE Sensex, shed 30.81 points or 0.05% to 58,191.29. The Nifty 50 index lost 17.15 points or 0.1% to 17,314.65. Foreign portfolio investors (FPIs) sold shares worth Rs 2,250.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 545.25 crore in the Indian equity market on 7 October, provisional data showed. Powered by Capital Market – Live News