Gap-down opening likely on weak global cues

Indian indices may witness a weak start on Friday as trading resumes after a local holiday. Weak global cues may play the spoilsport.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 220 points at the opening bell.

Global markets:

Overseas, Asian stocks fell Friday as the fast-spreading delta virus strain stoked concerns about economic growth and China's regulatory curbs sapped sentiment.

China's one-year loan prime rate (LPR) and five-year LPR were both left unchanged at 3.85% and 4.65%, respectively, on Friday.

US Stock markets ended mixed on Thursday as gains in technology shares were countered by selling in cyclical sectors.

The number of people seeking unemployment benefits fell last week for a fourth straight time to a pandemic low. The Labor Department reported Thursday that jobless claims fell by 29,000 to 348,000.

Domestic markets:

Back home, the Indian markets were closed on Thursday on account of Muharram. Key indices ended a volatile trading session with small losses on Wednesday. The barometer index, the S&P BSE Sensex, slipped 162.78 points or 0.29% to settle at 55,629.49. The Nifty 50 index declined 45.75 points or 0.28% to end at 16,568.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 595.32 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 729.49 crore in the Indian equity market on 18 August, provisional data showed.

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