Sensex and Nifty likely to open with gap down due to sour global cues

Sensex and Nifty likely to open with gap down due to sour global cues

Sensex and Nifty likely to open with gap down due to sour global cues

The major benchmark indexes may open lower on Monday due to sluggish global sentiment and fears about the US Fed raising interest rates more aggressively.

At 7:50 a.m., the SGX Nifty May futures were trading at 17,020, implying a 200-point fall for the Nifty50.

Domestic and global shares on Friday were battered by Fed Chair Jerome Powell's statements that a 50-basis-point rate rise in May is still on the table.

On Friday, the Sensex and Nifty both lost 1.27 percent and 1.23 percent of their two-day winning streaks.

This week, investors will continue to assess the geopolitical scenario as commodity prices stay high. The release of first-quarter GDP figures from the United States and Europe on Thursday and Friday will also be closely watched.

Aside from that, stock-specific activity will be in focus this week as Nifty50 businesses like Wipro, HUL, Maruti Suzuki, and Bajaj Auto, among others, release their Q4 results.

Businesses scheduled to report results for the period January-March include Tatva Chintan Pharma, Century Textiles, Eveready Industries, GMDC, and Mahindra CIE Automotive.

In the United States, the Dow Jones Industrial Average experienced its largest one-day drop since 2020, closing 2.8 percent down. The S&P 500 was down 2.8 percent, while the Nasdaq was down 2.6 percent.

As a result of this, Asian equities were generally down this morning. The Hang Seng and Nikkei both plummeted by up to 2 percent The Strait Times, Shenzhen Component, and Kospi all fell by up to 1.4 percent. The Shanghai Composite was slightly higher.

Meanwhile, oil prices continued to fall in early trading. Brent oil and WTI futures both declined 2.6 percent to $104 and $99 per barrel, respectively.

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