The domestic stock markets opened deeply in the red due to negative global cues as Wall Street tumbled overnight and there is red across Asia. At 9:18 am, the BSE Sensex was trading at 50,184.60, weaker byu 840.35 points or 1.68 per cent and the NSE Nifty was at 14,835.45, down 283.45 points or 1.87 per cent. The Sensex had cuts of more than 1,000 points at opening bell.
On the economy front, the NSO will release gross domestic product (GDP) growth estimates for the third quarter (October-December) 2020-21 post market hours. The Indian economy is likely to have returned to growth in the October-December period after two consecutive quarters of contraction.
Asian stocks opened sharply lower on Friday after Wall Street’s main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark U.S. Treasury yields.
Australia’s S&P/ASX 200 fell 2 per cent in early trade, on track for the biggest intraday percentage loss since January 28. Japan’s Nikkei 225 was down 1.8 per cent, while Hong Kong’s Hang Seng index futures lost 1.69 per cent.
Overnight, Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.
The Dow Jones Industrial Average closed 559.85 points lower, or 1.75 per cent, to 31,402.01, the S&P 500 lost 96.09 points, or 2.45 per cent to 3,829.34 and Nasdaq Composite dropped 478.54 points or 3.52 per cent to 13,119.43.