The indices saw a gap-down opening of about 1.5 percent each, with the Nifty giving up 10,550-mark. The SGX Nifty had hinted at a cut of over 100 points.
Multiple factors such as a sell-off in global markets, hike in crude prices along with exit polls projections could be weighing on equity markets on Monday.
The indices saw a gap-down opening of about 1.5 percent each, with the Nifty giving up 10,550-mark. The SGX Nifty had hinted at a cut of over 100 points.
Here are five factors that have impacted the market.
Equity markets in Asia plummeted in early morning trade following weak trends in the US equity futures market. Investors are said to be worried about US-China trade tensions coming at the forefront again. The arrest of Huawei CFO as well as fresh import tariff rhetoric by the White House are dragging the markets in Asia.
Reuters reported that White House trade adviser Peter Navarro’s has hinted at raising tariff rates on Chinese imports if the two countries could not come to an agreement during the 90-day negotiating period.
Crude price increase
After the much-awaited meeting of Organisation of Petroleum Exporting Countries (OPEC), a supply cut was announced. OPEC and other producers said they would cut supply of 1.2 million barrels per day from January.
International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 percent, from their last close.
“Our key conclusion is that oil prices will be well supported around the $70 per barrel level for 2019,” analysts at Bernstein Energy told Reuters on Monday.
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