SGX Nifty suggests weak opening

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 100 points at the opening bell.

Global markets:

Overseas, Asian stocks dropped to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth

The S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.

Domestic markets:

Back home, the benchmark indices ended with modest fall on Monday, extended losses for the second consecutive day. Weakness in global stocks weighed on investors' sentiment. The barometer index S&P BSE Sensex dropped 364.91 points or 0.67% at 54,470.67. The Nifty 50 index lost 109.40 points or 0.67% at 16,301.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,361.80 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,077.24 crore in the Indian equity market on 9 May, provisional data showed.

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