SGX Nifty indicates dismal opening on weak global stocks

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 325 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday after heavy losses on Wall Street overnight, as investors fretted over rising global inflation.

Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the US economy after the retailer became the latest victim of surging prices.

Domestic markets:

Back home, the key equity indices reversed intraday gains and ended with minor cuts on Wednesday. The barometer index, the S&P BSE Sensex, fell 109.94 points or 0.20% at 54,208.53. The Nifty 50 index lost 19 points or 0.12% to 16,240.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,254.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 375.61 crore in the Indian equity market on 18 May, provisional data showed.

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