Gift Nifty Pre-Market Trade Indicates Muted Opening, Global Cues in Focus

By Malvika Gurung — The Gift Nifty index, formerly Singapore-based Exchange SGX Nifty, an early indicator for , traded 0.02% or 4.5 points lower at 7:37 am on Tuesday, indicating a flat-to-lower or muted opening on Dalal Street.

The US market remained closed on Monday on account of Labour Day, while stock futures traded lower while writing. 

dropped 63 points or 0.18% and declined  0.17% at 7:25 am.

Major US indices ended the previous week on a strong note, following a jump and higher-than-expected unemployment data in the world’s largest economy, solidifying investor expectations that the Fed could pause its rate hikes at the September monetary policy meet.

rallied 3.25% last week, soared 2.5, and jumped 1.43%.

Asian shares declined on Tuesday with Hong Kong markets taking a solid hit as traders’ focus on China’s ailing economy and the beleaguered property sector returns amid Beijing issuing policy measures to support the country’s economy. 

South Korea’s inflation rose faster than estimated in August, led by an increase in energy costs, pushing the country’s stocks to open lower on Tuesday.

At 7:30 am, Japan’s dropped 0.18%, South Korea’s declined 0.21%, Hong Kong’s tumbled 1.2%, China’s shed 0.5% and Australia’s eroded 0.51%.

Oil prices wobbled from their strongest levels for the year on Tuesday as markets awaited Russia and the OPEC+ to outline more production cuts, while focus remained on more Chinese cues this week, an report noted.

Futures shed 0.28% to $88.75/barrel and dropped to $85.75 a barrel while writing. lost 0.6% while writing.

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