The abashed market on Monday was expected to affect Asian markets, as Wall Street’s performance rebounded and China’ escalating property crisis dampened market sentiment.
The futures of stocks in Australia, Japan, and Hong Kong were lower, as was a gauge of U.S.-listed Chinese companies.
Friday’s trading session in the U.S. witnessed a decline in tech megacaps, followed by mixed economic data that has left stocks uncertain about their future. The S&P 500 closed at 0.1 per cent of – and the Nasdaq 100 recorded its longest weekly losing streak this year, around 15,000 times. Meanwhile, Nvidia Corp., which has more than tripled in 2023, continued to fall for four days, reaching 10%.
At the same time, Brent crude was falling below $87 per barrel and West Texas Intermediate was trading around $82-value. Additionally, the 10-year U.S. bond yield was at 4.15%, and Bitcoin fell below its target level of 30,000.
At 5:17 a.m., the GIFT Nifty, an early gauge of the NAF Index’s performance in India, fell by 36 points or 0.18% to 19,451.
The pharma and private-banking stocks’ losses caused India’s benchmark stock indices to drop for the second consecutive session on Friday.
After the RBI announced a 10% incremental cash reserve ratio on deposits made between May 19 and July 28, it caused indices to drop for the third consecutive week, with the index falling for another day.
The National Stock Exchange’s provisional data revealed that net sellers of Indian equities were those from overseas, with foreign portfolio investors offloading stocks worth Rs 3,073.3 crore and domestic institutional investors mopping up shares worth an estimated Rs 500.35 crore after two days of buying.
The value of the Indian rupee decreased by 12 paise to 82.84 yen against the U.S. dollar. The 10-year bond experienced a 5-bps increase in yield, peaking at 7.2%.