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MARKET LIVE: Lower open on cards for Sensex, Nifty amid global sell-off

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Stock market live updates:  The markets are likely to open gap-down on Tuesday amid a continued global-selloff. 

The benchmark Sensex and Nifty indices may open lower as hinted by the SGX Nifty futures, which were quoting 16,190 levels at 7:30 am, lower by 100 points.

Market action may remain subdued as investors remain jittery amid high inflation and rising rates. China’s strignent covid-19 lockdown are also weighing on market sentiment.

That said, in the primary market, retail wealth management firm Prudent Corporate Advisory Services’ IPO will open for subscription today and close on Thursday. The company has raised Rs 159.43 crore from 24 anchor investors ahead of the offer.

In the secondary market, Rainbow Children’s Medicare will make its debut on the bourses. Its offer was subscribed 12.4 times, and the issue price is fixed at Rs 542.

Metals-to-cement conglomerate JSW Group-stocks will also be in focus as the group will reportedly make a $7 billion bid for Holcim AG’s Indian subsidiaries Ambuja Cements Ltd and ACC Ltd. Read here

IT stocks will also be on radar amid the plummeting rupee, that hit am all-time low of 77.5/$ on Monday.

Global cues

In the US, stocks plummeted overnight led by the technology pack. The Dow dropped 1.99 per cent, the S&P 500 fell 3.2 per cent, while the Nasdaq lost 4.29 per cent.

Tracking this, Asian markets also tumbled this morning. Hang Seng and Nikkei fell 3.8 and 1.8 per cent, respectively. Strait Times and Kospi were down 1.4 per cent and 1.9 per cent, respectively. Shanghai composite was flat, while Shenzhen component shed 1.7 per cent.

Meanwhile, Brent crude extended Monday’s 6 per cent fall, and was down 2 per cent to $103 a barrel on likely demand slowdown. WTI crude was also 2 per cent lower at $100 a barrel.

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