The Indian stock market is projected to open flat, with a loss of one point on the SGX Nifty, indicating a cautious start for the broader index in India.
The BSE Sensex fell 554.05 points to 60,754.86, while the Nifty50 fell 195.10 points to 18,113 on January 18, forming a bearish engulfing pattern on the daily charts.
The pivot charts show that the Nifty’s critical support levels are at 18,015.7, followed by 17,918.3. The major resistance levels to watch if the index rises are 18,280.7 and 18,448.3.
Wall Street’s main indexes sank dramatically on Tuesday as banking companies were pulled down by Goldman Sachs’ poor results, while tech stocks extended their sell-off from the start of the year.
The Nasdaq fell the most among major indices on Tuesday, falling approximately 9.7% from its record closing high on Nov. 19, putting it on the verge of confirming a 10% decline for the first time since early 2021. For the first time since April 2020, the tech-heavy index closed below its 200-day moving average, a critical technical support level.
The Dow Jones Industrial Average sank 543.34 points, or 1.51%, to 35,368.47, while the S&P 500 dropped 85.74 points, or 1.84 percent, to 4,577.11, and the Nasdaq Composite slid 386.86 points, or 2.6 percent, to 14,506.90.
Markets in Asia
Sony Group, Toyota Motor, and other market giants led the way lower on Wednesday, after Wall Street’s dismal finish overnight.
After falling as much as 2% earlier, the Nikkei share average sank 1.5 percent to 27,828.60 by 0135 GMT, while the broader Topix fell 1.54 per cent to 1,947.94.
SGX Nifty Index
According to SGX Nifty trends, India’s wider index is projected to open cautiously, with a one-point drop. The Nifty futures were trading at around 18,137 levels on the Singaporean exchange.
As a result of restricted supply, oil prices have risen to seven-year highs.
Investors were concerned about global political concerns involving key producers such as the United Arab Emirates and Russia, which might exacerbate the already tight supply outlook. Oil prices rose to their highest level since 2014 Tuesday.
During the session, the risk added a premium to pricing. Brent crude futures increased $1.03, or 1.2 percent, to $87.51 per barrel at the close. WTI crude futures in the United States finished $1.61 higher, or 1.9 percent higher, at $85.43 a barrel.
PE and VC investments would reach an all-time high of $77 billion in 2021, according to a new report.
According to a report released on Tuesday, private equity and venture capital groups spent $77 billion in Indian companies in 2021, up 62 percent from the previous year. According to the research by industry group IVCA and consultancy EY, there was a 37 percent increase to 1,266 transactions.