Live Market: Dim start looming as global signals weaken; Red SGX Nifty

Major indices are likely to start Thursday’s session lower in an extremely volatile week

It rose sharply near the $120 per barrel mark. SGX

Futures were quoting 17,203 levels at 8am, indicating an opening loss of 70 pips on Nifty50.

The sharp rise in Brent crude comes amid the possibility that the European Union will impose an embargo on Russian oil and gas as Western leaders meet today in Brussels to plan further measures to pressure Russia to stop its conflict in Ukraine.

The markets may see more volatility on account of the weekly closing Thursday for exchange and stock rates.

Among the shares, Zee Entertainment will be in focus as Invesco, the company’s largest shareholder, has decided not to pursue an extraordinary general meeting (EGM) to add six independent directors because it believes that Zee’s merger with Sony will achieve the fund’s goal of strengthening board oversight.

Apart from that, ICICI Bank will also be on the radar as the Reserve Bank of India (RBI) has approved the SBI joint fund, along with other SBI group companies, for a 9.99 per cent stake in the bank. At the end of the December quarter, the SBI mutual fund had 5.72 percent of ICICI Bank

US markets ended Wednesday with heavy losses as oil prices jumped higher. The Dow, Nasdaq and Standard & Poor’s were down 1.2 percent – 1.3 percent each.

Disruptions in the Caspian Sea Pipeline Consortium (CPC), which accounts for more than 1 percent of global demand, have heightened concerns about global oil supplies. Brent and West Texas Intermediate crude futures rose 5.3 percent and 5.2 percent each, to $121.60 and $114.93 a barrel, respectively.

Reflecting the weak US signals, the major markets in Asia on Thursday started trading in the negative. Japan’s Nikkei index fell 1.4 percent. The Kospi index fell 0.8 percent. The Hang Seng and Taiwan fell about 0.6 percent. However, the Straits Times and Shanghai Composite both rose 0.2 percent and 0.3 percent, respectively.

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