Indian indices are likely tostart the week in the red on Monday as global markets showcased weakness and remained cautious regarding the Russia and Ukraine conflict. This comes even as US President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine. At 8:30 am, the SGX Nifty was trading 79 points or 0.45 percent lower at 17,248, indicating a negative start for the Indian markets.
Indian markets ended mildly lower on Friday on concerns regarding the Russia-Ukraine conflict and sooner-than-anticipated hikes in key interest rates. The Sensex fell 59 points to end at 57,833 and the Nifty50 shed 28 points to settle at 17,276
Let's take a look at some key market cues before the market opens today:
US Markets
US markets fell on Friday on rising worries over escalating Ukraine-Russia tensions and the prospect of a tightened interest rate hike timeline from the Fed in response to decades-high inflation. S&P 500 and Dow Jones fell 0.7 percent each while -Nasdaq Composite lost 1.2 percent.
Asian Markets
Asian share markets pared sharp early losses on Monday as a glimmer of hope emerged for a diplomatic solution to the Russian-Ukraine standoff, though there remained plenty of devil in the detail. MSCI's broadest index of Asia-Pacific shares outside Japan pared their losses to be down 0.4 percent while Japan's Nikkei halved its drop to be down 0.9 percent.
Oil
Oil prices gained more than $1 in early trade on Monday on rising jitters over a potential conflict between Russia and Ukraine, with the US and European Union making clear Russia would face sanctions if it invaded its neighbour. Brent crude futures were up $1.34, or 1.4 percent, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.
SGX Nifty
At 8:30 am, the SGX Nifty was trading 79 points or 0.45 percent lower at 17,248, indicating a negative start for the Indian markets.
Rupee
The rupee rose 40 paise, its biggest single-day gain in over three months, to settle at a more than two-week high of 74.66 against the US dollar on Friday in hopes of a diplomatic solution to the East-West standoff over Ukraine.
Gold
Gold hit its nine-month high as investors moved towards safe-haven investments on the back of the Russia-Ukraine crisis, and was last at $1,897 an ounce.
Russia-Ukraine Conflict
US President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, the US and French leaders said, offering a possible path out from one of the most dangerous European crises in decades.
Stocks in News
Phoenix Mills, NTPC, IndiGo, Escorts, Federal Bank are some stocks that will be in news today.
FII/DII activity
Foreign institutional investors (FIIs) net sold Indian equities worth ₹2,530 crore on Friday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases of ₹1,929.1 crore.