Market LIVE: Sensex down 600 pts, Nifty below 16,600 in pre-open

The key benchmark indices are likely to start Wednesday’s trade on a negative note as per trends indicated by the SGX

futures, which hinted at a gap-down open of around 250 points this morning. At 7:45 am, the SGX

The sentiment is being seen worsening with no resolutions in sight for the Russia-Ukraine war and soaring oil prices.  

Consequently, the US have recorded consecutive losses in the last two sessions. On Tuesday, the Dow Jones slumped 1.8 per cent, the S&P 500 dropped 1.6 per cent and the Nasdaq was also down 1.6 per cent.

Crude Oil prices soared as a global agreement to release 60 mn barrels of crude from reserves failed to calm fears of supply disruptions. Brent futures zoomed over 7 per cent to $104.97 a barrel, and WTI crude spiraled 7.7 per cent higher to $103.41 a barrel.

Major in Asia were also in the negative zone this morning, after posting notable gains on Tuesday. Japan’s Nikkei shed 1.3 per cent, and Hang Seng dropped a per cent. Shanghai Composite, Straits Times and Taiwan were down 0.3-0.6 per cent each. Kospi, however, was flat.

Back home, it remains to be seen what investors will make of the Q3 GDP numbers released on Monday after market hours.

The Indian economy grew 5.4 per cent in the October-December quarter owing to a contraction of 2.8 per cent in the construction sector. Manufacturing growth remained stagnant, while services grew at a robust 8.2 per cent. The GDP is likely to grow at 8.9 per cent in 2021-22. 

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