Benchmarks may resume downtrend

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 58.50 points at opening today.

Global Markets:

The US Dow Jones index futures were up 56 points, indicating a positive opening in the US stocks today.

Asian stock markets were mixed on Thursday, as investors braced for further hikes ahead as Federal Reserve speakers reiterated more hikes are needed to tame inflation.

Minneapolis Fed President Neel Kashkari on Wednesday said the Fed will "continue doing what we're doing until we finish the jobs, and I'm committed to doing that." The U.S. 10-year Treasury yield briefly topped 4% overnight.

In the US, all the major averages finished lower on Wednesday as bond yields rocketed higher.

The tech-heavy Nasdaq Composite led Wednesday's losses, falling 0.66%, while the S&P 500 dipped 0.47%. The Dow Jones Industrial Average added just 5.14 points.

The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days.

Domestic Equity Market:

The frontline equity indices ended with strong gains on Wednesday, snapping an eight-day losing streak. Positive global cues triggered bargain hunting in domestic shares. The barometer index, the S&P BSE Sensex advanced 448.96 points or 0.76% to 59,411.08. The Nifty 50 index added 146.95 points or 0.85% to 17,450.90. In the previous eight sessions, the Sensex slipped 3.84% while the Nifty fell 4.06%.

Foreign portfolio investors (FPIs) sold shares worth Rs 424.88 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,498.66 crore in the Indian equity market on 1 March 2023, provisional data showed.

The National Stock Exchange on Wednesday said it has received approval from markets regulator Sebi to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment. The launch date for these contracts will be announced soon, NSE said in a release.

The addition of these contracts will expand NSE's product offering in the energy basket as well as its overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their price risk, the release said.

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