Stock market live updates: The Sensex and Nifty benchmark indices are looking to open in red on Wednesday as global markets take a beating.
At 8 am, the SGX Nifty futures were around 200 points lower at 17,482 levels.
Global sentiment turned weak as strong economic data in the US raised hopes that the Fed will continue with its aggressive rate hike trajectory.
For August, the services PMI in the US came at 56.9 vs 56.7 in July. This was the second straight advance after three declines.
The US 10-year bond yield surged to 3.35 per cent Tuesday, while in the stock market, the Dow fell 0.55 per cent, the S&P 500 slipped 0.41 per cent and the Nasdaq declined 0.74 per cent.
Asian shares also sharply fell this morning. Nikkei, and Hang Seng indices fell 1-1.5 per cent. S&P/ASX 200 sat in red following the Australian central bank’s 50 bps rate hike a day earlier.
Meanwhile, Saudi Arabia cut prices for customers in Asia and Europe as Covid-19 lockdowns in China and recession risks pull down demand in these regions. Oil prices fell following the development.
Brent crude was down 1 per cent to $92 a barrel in early Asian trade.
Among stocks, Rashtriya Chemicals and Fertilizers and National Fertilisers will be in focus as the government is learnt to be considering fertiliser PSUs for privatisation.
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