Market outlook: SGX Nifty indicates weak start for Indian indices

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SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 78 points at the opening bell.

Global markets: Overseas, Asian stocks are trading lower on Friday following overnight declines for the major indexes on Wall Street.

Japan’s core consumer prices declined 0.6% in January as compared with a year earlier, according to data released Friday by the country’s Statistics Bureau.

U.S. stocks slid on Thursday as investors were discouraged by worse-than-expected jobless claims reading as well as a weak forecast from Walmart.

Walmart shares dropped sharply after its fourth-quarter earnings fell short of estimates. The big-box retailer sees sales growth slowing this year as the pandemic momentum ebbs.

Meanwhile, the latest jobless claims number signalled a setback in the labour market recovery. First-time filings for unemployment insurance totalled 861,000 last week, the highest level in a month, the Labor Department reported Thursday.

Domestic markets:

Back home, domestic indices declined for the third consecutive trading session on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, dropped 379.14 points or 0.73% at 51,324.69. The Nifty 50 index fell 89.95 points or 0.59% at 15,118.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 903.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,217.34 crore in the Indian equity market on 18 February, provisional data showed.

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