Benchmarks for Indian stocks are set to open on a negative note on Wednesday, as indicated by the Nifty Futures reported on the Singapore Stock Exchange. The SGX index traded 202.5 points or 1.15% lower at 17,472.
Here are the key things to know before markets open on Wednesday.
U.S. stocks ended lower on Tuesday, marking the fourth straight week of losses, as investors worried about inflation and an aggressive rate hike by the U.S. Federal Reserve. The S&P 500 fell 16.07 points or 0.4% to 3,908, while the Dow Jones Industrial Average fell 173.14 points or 0.6% to 31,145. While the Nasdaq slipped 85 .96 points or 0.7% to 11,544, the Russell 2000 Index fell 17.42 points or 1% to 1,792.
Asian stocks were trading on a mixed note on Tuesday. Japan’s Nikkei 225 index fell 1.09%, while Singapore’s Hang Seng index traded down 1.53%. South Korea’s KOSPI plunged 1.53%. China’s Shanghai Composite was trading slightly higher by 0.15%, while Shenzhen Component was trading flat.
Gold and crude oil prices
Crude oil prices fell on Tuesday amid concerns over rate hikes by the US Federal Reserve and OPEC+ production cuts since October. Brent crude traded $2.91 or 3% lower at $92.83 a barrel, while U.S. West Texas Intermediate jumped 1 cent to settle at $86.88 a barrel.
Gold prices fell on Wednesday. Spot gold fell 0.3% to $1,696 an ounce, while US gold futures fell 0.3% to $1,708.
Foreign institutional investors bought shares worth Rs 1144 crore, while domestic institutional investors bought shares worth Rs 632 crore.
Stocks to Watch
InterGlobe Aviation – Petrus Johannes Theodorus Elbers has joined InterGlobe Aviation, the parent company of airline IndiGo, as chief executive effective September 6.
Wipro: The Computer Science major has begun an expanded collaboration with Palo Alto Networks to provide managed security and network transformation solutions such as Secure Access Service Edge (SASE), cloud security, and security operations center solutions (SOC) based on the Zero Trust principles for global enterprises.