The domestic stock markets are likely to open marginally lower on the back of not-so-encouraging cues from the global front. Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation and Asian shares have made a guarded start to the week. And trends on SGX Nifty indicate a cautious opening for markets back home. At 8:10 am, the Nifty futures were trading at 17,357, lower by 13 points, on the Singapore Stock Exchange.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, after bouncing on Friday. Japanese shares have been on a tear as hopes for fresh stimulus from a new Prime Minister saw the Nikkei surge 4.3 per cent last week. The Topix has already scaled that peak, while the Nikkei turned hesitant early on Monday.
Wall Street ended sharply lower on Friday, with Apple Inc tumbling following an unfavorable court ruling related to its app store. The Dow Jones fell 0.78 per cent, while the S&P 500 lost 0.77 per cent and Nasdaq Composite dropped 0.87 per cent.
Meanwhile, oil prices climbed on Monday to a one-week high in second straight session of gains as concerns over US supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand.
Brent crude rose 48 cents, or 0.7 per cent to $73.40 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 49 cents, or 0.7 per cent, to $70.21 a barrel. Both markets were at their highest since Sept. 3 earlier in the session.
On Friday, the BSE Sensex climbed 54.81 points to 58,305.07 and NSE Nifty was up 15.80 points at 17,369.30.