Market may slide on negative global cues

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 93.50 points at the opening bell.

Global Markets:

The US Dow Jones index futures were down 47 points, indicating a flat to negative opening in the US stocks today.

Asian shares were mixed on Thursday. China is set to announce its trade data for May later on Thursday.

The European Central Bank is also expected to signal a July rate hike at its policy meeting later on Thursday.

US stocks dipped overnight ahead of May's consumer price index reading slated for Friday. The S&P 500 shed 1.08% to 4,115.77. The Dow Jones Industrial Average slipped 269.24 points, or 0.81%, to 32,910.90. The Nasdaq Composite shed 0.73% to 12,086.27.

In the commodities market, Brent crude for August 2022 settlement was up 11 cents or 0.09% at $123.69 a barrel.

Domestic Equity Market:

The key equity indices ended a volatile session with modest losses on Wednesday, declining for the fourth day in a row. Market turned volatile after the RBI hiked the key repo rate by 50 basis points to 4.90%. The S&P BSE Sensex declined 214.85 points or 0.39% to 54,892.49. The Nifty 50 index fell 60.10 points or 0.37% to 16,356.25. Both the indices fell over 1.6% in four straight sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,484.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,904.33 crore in the Indian equity market on 7 June 2022, provisional data showed.

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