For today, trends on SGX Nifty suggest a negative opening for the domestic markets
BS Web Team | New Delhi Last Updated at October 3, 2019 08:04 IST
Top cues for today
Equity markets are likely to take cues from Asian markets today as fresh trade war concerns could keep investors cautious. The United States has opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.
This, and fall in the US manufacturing activity to a 10-year low dampened sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.38%, while Japan’s Nikkei stock index dropped 1.96%. Australian shares, too, declined by 2.19%.
On Wall Street, US stocks fell to six-week lows. The Dow Jones, the S&P500, and the Nasdaq Composite, all, slumped nearly 2 per cent during the overnight trade on Wednesday.
In the commodities market, Oil future extended their decline in Asia. Brent Crude Futures were trading at $57.7 per barrel0mark in the early trade.
Domestically, markets would continue to track auto sales numbers, global cues, oil price movement, the rupee’s trajectory against the dollar, and fund flow by foreign investors.
Markets, which were closed on Wednesday, logged steep cuts during the intra-day trade on Tuesday. The S&P BSE Sensex slipped more than 700 points in the intra-day trade as economic picture continued to look weak with no improvement in auto sales figures, and a contraction in core industries’ output data. Further, panic selling was seen at banking counters due to deepening of crisis at the Punjab and Maharashtra Cooperative Bank and Lakshmi Vilas Bank.
The S&P BSE Sensex ended at 38,305, down 362 points or 0.94 per cent, while the Nifty50 index ended at 11,360, down 115 points or 1 per