Dismal opening likely as Ukraine crisis intensifies

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 299 points at the opening bell.

Global markets:

Overseas, Asian stocks fell on Thursday as investors continue to watch the escalating situation between Russia and Ukraine.

The Bank of Korea kept interest rates unchanged at 1.25% at its meeting on Thursday. However, it predicted that consumer price inflation will run substantially above 3% for a considerable time.

US stocks fell sharply once again Wednesday, as escalating tensions between Russia and Ukraine push the major averages to fresh lows for the year so far.

Investors have been juggling brewing tensions between Russia and Ukraine. Ukraine warned its citizens against traveling to Russia and to leave the neighboring country, if they are there. Meanwhile, the UK said that it was ready to impose more sanctions on Russia.

Meanwhile, the Biden administration announced it will allow sanctions to move forward on the company in charge of building Russia's Nord Stream 2 gas pipeline, following a first tranche of sanctions against Russia Tuesday that targets Russian banks, the country's sovereign debt and three individuals.

Domestic markets:

Back home, the domestic equity benchmarks ended with modest losses on Wednesday, extending declines for the sixth day in a row. The S&P BSE Sensex, fell 68.62 points or 0.12% at 57,232.06. The Nifty 50 index declined 28.95 points or 0.17% at 17,063.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,417.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,024.37 crore in the Indian equity market on 23 February, provisional data showed.

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