Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 64 points…
The market is expected to open in the red as trends on the SGX Nifty indicate a negative opening for the broader index with a loss of 64 points.
The BSE Sensex fell 105 points to 57,892, while the Nifty50 declined 18 points to 17,305 and formed bearish candle on the daily charts as the closing was lower than opening levels on Thursday.
As per the pivot charts, the key support levels for the Nifty are placed at 17,213, followed by 17,121. If the index moves up, the key resistance levels to watch out for are 17,420 and 17,535.
US Markets
US stocks slid on Thursday, with the S&P 500 marking its biggest daily percentage drop in two weeks, as investors shifted to defensive sectors and safe havens such as bonds and gold as geopolitical tensions between Washington and Russia over Ukraine flared.
The Dow Jones Industrial Average fell 622.24 points, or 1.78 percent, to 34,312.03, the S&P 500 lost 94.75 points, or 2.12 percent, to 4,380.26 and the Nasdaq Composite dropped 407.38 points, or 2.88 percent, to 13,716.72.
Asian Markets
Asian markets slipped on Friday and gold stood at an eight-month high after an exchange of fire in eastern Ukraine and renewed US warnings of an imminent Russian invasion had investors looking for safety ahead of the weekend.
MSCI’s broadest index of Asia-Pacific shares outside Japan, was down 0.3% in early trade. Japan’s Nikkei fell 1.4 percent. Korean shares and Australian shares each fell 1 percent.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 64 points. The Nifty futures were trading around 17,203 levels on the Singaporean exchange.
US weekly jobless claims rise
The number of Americans filing new claims for jobless benefits unexpectedly rose last week, but remained below pre-pandemic levels as labor market conditions continue to tighten. The first increase in a month reported by the Labor Department on Thursday did not change economists’ expectations for another month of solid employment gains in February.
Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 248,000 for the week ended February 12. Economists polled by Reuters had forecast 219,000 applications for the latest week.