MARKET LIVE: SGX Nifty signals a bearish start; huge gap-down of 300 points

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The markets are likely to open negative due to sombre mood overseas after US inflation jumped to a new 40-year high of 8.6 per cent in May. As of 07:30 AM, the SGX Nifty futures quoted at 15,875, indicating a huge gap-down of over 300 points on the Nifty 50. With the sharp rise in US inflation that beat street expectations, all eyes will be on the US Federal Open Market Committee (FOMC) meet scheduled on Wednesday, June 15, as investors’ fear aggressive rate hikes on the anvil. That apart, India will release retail inflation figures for May on Monday, June 13. 

That apart, media stocks are expected to hog limelight in trade ahead of Indian Premier League’s media rights auction. The final day of bidding process will declare the winner from shortlisted candidates – Sony, Zee, Disney Star, and Viacom18. Day 1 of the media bidding process saw bids hike up to Rs 43,000 crore for digital and television. 

Defence stocks, too, will see action in trade after the Indian Air Force plans to build 96 fighter jets in India. Besides that, Dhanlaxmi Bank will be under investors’ radar after a subdued EGM meet that saw no resolution or outcome.

Meanwhile, oil prices cooled off from their highs. Both Brent Crude and WTI Crude slipped 1.8 per cent to $119 per barrel and $118 per barrel, respectively.

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