Domestic stock markets are likely to start Tuesday’s session on a negative note amid weakness in Asian peers. The Singapore Exchange (SGX) Nifty futures – an early indicator of the National Stock Exchange (NSE) Nifty index in India – declined as much as 48.5 points to 12,278.00 ahead of the opening of Indian markets. At 8:38 am, the SGX Nifty futures were down 37.50 points – or 0.30 per cent – at 12,289.00.
Equities in other Asian markets slipped, echoing falls on Wall Street, as investors locked in gains made since the US and China reached a preliminary trade deal earlier this month.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.39 per cent in early deals – its weakest performance since December 4.
The falls in Asia came after profit taking pushed the Dow Jones Industrial Average down 0.64 per cent, the S&P 500 0.58 per cent lower and the Nasdaq Composite off 0.67 per cent.
The White House’s trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US Trade Representative.
Markets in Japan and South Korea were closed for a holiday.
For the month, MSCI’s broadest of Asia-Pacific shares barring Japan was still up 5.7 per cent. The index has gained 16 per cent this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI’s global share index.
On Monday, the domestic stock markets had ended on a mixed note. The S&P BSE Sensex ended 17.14 points – or 0.04 per cent – lower at 41,558.00 and the broader NSE Nifty benchmark settled at 12,255.85, up 10.05 points – or 0.08 per cent – from the previous close.
Source: NDTV Profit