are geared for a tumultuous start on Wednesday following a hotter-than-expected inflation report in the US that has diminished all hopes of any ease in the Fed’s monetary tightening.
At 8 am, the SGX Nifty futures were quoting 17,775, indicating a gap-down open of over 300 points on the Nifty.
The consumer price index in the US rose 0.1 per cent for the month of August, against an expectation of a decline pof 0.1 per cent. While it increased by 8.3 per cent over the past year.
Following this, US equities snapped their 4-day gains and sharply slumped overnight with the Nasdaq dipping 5 per cent to its lowest point since June 2020. Investors now expect a large rate hike of 75 bps or more at the upcoming Fed meeting.
Asian markets followed suit this morning with the Nikkei and Hang Seng indices tanking by 2 per cent each. Strait times and Shenzhen Component dropped a per cent each.
That said, back home, investors will also closely track the WPI inflation reading for August.
In the primary market, Harsha Engineers International’s (HEI) Rs 755 crore initial public offer will open for subscription today. The price band is fixed at Rs 314-330.
Among stocks, IRCTC will be in focus after the company received RoC nod to act as a payment aggregator.
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