Weak opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 245 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday following overnight declines on Wall Street as bond yields rose again.

US stocks posted heavy losses on Wednesday as rising bond yields spooked investors. The weakness came as the 10-year Treasury yield extended gains. The benchmark rate climbed to a high of 1.49% on Wednesday before retreating slightly. Last week, the yield surged to a high of 1.6% in a move that some described as a flash spike.

In oil developments, OPEC and its non-OPEC partners an energy alliance sometimes referred to as OPEC+ are expected to convene via videoconference on Thursday to discuss how to manage supply to the market.

Domestic markets:

Back home, domestic shares rallied for the third straight session on Wednesday led by gains in banks, financials and metal stocks. Stocks rallied across the globe as easing US Treasury yields fuelled demand for riskier assets. The barometer index, the S&P BSE Sensex, jumped 1,147.76 points or 2.28% at 51,444.65. The Nifty 50 index soared 326.50 points or 2.19% at 15,245.60.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,088.70 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 392.91 crore in the Indian equity market on 3 March, provisional data showed.

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