Sensex Set for Weak Start as Malaysia Jet Downing Hits Sentiment
The BSE Sensex and the broader Nifty are likely to open lower on Friday tracking weak global sentiments. Japan's Nikkei index traded with over 1 per cent cut Friday morning, while overnight the S&P 500 in the US posted its biggest one-day percentage decline in three months. (Read more)
Traders said news of a Malaysian Airlines passenger jet crash near the Ukraine-Russia border has sent shivers across markets. Investors dumped riskier assets like stocks, while the CBOE Volatility index in the US jumped 32.2 per cent, its biggest daily percentage gain since April 2013. It closed at 14.54, its highest level since April 15. (Read the full story here)
Nearly 300 people died in the crash, caused by a missile fired at the plane, according to a Ukrainian official. The incident follows an increase in tensions between Ukraine and Russia that has resulted in clashes along the border.
Nifty futures on the Singapore Exchange traded 0.42 per cent or 32 points lower at 7,623.50 indicating markets will open with deep cuts. Indian stock markets have gained for three straight session, but a downturn in global sentiments may impact the market rally.
Market analyst Sarvendra Srivastava says global setups have inverted and Nifty will faces resistance at 7,630-7,650.
"The stance remains negative and investors should sell and exit," Mr Srivastava added.
Airline stocks are likely to be in focus. Air India and Jet Airways told PTI that they will avoid the airspace of war-torn eastern Ukraine following a directive issued to them by the Indian regulator DGCA.
The Director General of Civil Aviation issued instructions to Air India and Jet Airways, the only two Indian carriers that fly to Europe and North America, to avoid Ukrainian airspace while flying to and from destinations in both the continents, official sources told PTI.
Overnight, the S&P 500 closed down 23.45 points, or 1.18 per cent. The Dow industrials were down 161.39 points, or 0.94 per cent.
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(With inputs from Reuters)
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