Market LIVE: Gap-down likely open as Brent hits $130; SGX Nifty 400 points less
Live Market Updates: Major benchmarks are set to start the week on a very negative note as SGX Nifty futures trading around 15,825 levels at 7:35 a.m. were down more than 400 points from the close. Friday as Brent Crude surged to hit $140 a barrel in first trade, the highest since 2008.
It comes amid reports that the United States, along with other European countries, is considering imposing sanctions on Russian oil and gas. Russia is a major global oil supplier and fears of a fuel supply shortage are driving its prices to an unprecedented spike.
Additionally, there were delays in the Iran-US nuclear talks, which also triggered the sharp rise in oil prices.
On the geopolitical front, reports said escalating fighting prevented around 200,000 people from evacuating the beleaguered Ukrainian city of Mariupol for a second straight day on Sunday, as Russian President Vladimir Putin pledged to continue his invasion unless Kiev surrenders. .
As a result, major markets in neighboring Asian countries fell sharply. The Japanese Nikkei fell 3.2%. Hang Seng plunged 2.7%. Kospi and Taiwan lost around 2% each. Shanghai Composite fell 1%, while Straits Times fell 0.4%.
Benchmark U.S. futures were also trading sharply lower. Dow Jones, S&P 500 and Nasdaq futures fell 1.2% to 1.9%. On Friday, US stocks ended lower despite strong monthly jobs data. The Dow fell 0.3%, the S&P 500 fell 0.5% and the Nasdaq fell 1.6%.
Back home, among the stocks, Balkrishna Industries can be the center of attention because it successfully commenced commercial production of the brownfield expansion and debottlenecking project at the Bhuj plant ahead of schedule. He said this would lead to an increase in tire production up to 50,000 MTPA. Full production ramp-up should be achieved within the next 6 months.
That aside, GNP housing finance said its board of directors will meet on March 9 to consider fundraising.