Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report
The benchmark indices are liekly to start lower on Monday as trends on SGX Nifty indicate a gap-down start for the broader index in India, with a loss of 191 points or 1.12 percent. The Nifty futures were trading around 16,935 level on the Singaporean Exchange at 7:30 IST.
Wall Street ends lower
Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.
Amazon.com Inc tumbled 14.05% in its steepest one-day drop since 2006, leaving the widely held stock near two-year lows. Late on Thursday, the e-commerce giant delivered a disappointing quarter and outlook, swamped by higher costs.
The, S&P 500 declined 3.63% to end the session at 4,131.93 points.
The Nasdaq declined 4.17% to 12,334.64 points, while Dow Jones Industrial Average declined 2.77% to 32,977.21 points.
Markets ended lower on Friday
Benchmark indices ended lower on Friday with the Nifty closing near 17,100 mark amid selling across sectors.
The Sensex was down 460.19 points at 57,060.87, and the Nifty was down 142.50 points at 17,102.50.
Axis Bank, Coal India, Adani Ports, Power Grid and Bajaj Auto were among the top Nifty losers, while gainers were HDFC Life, Tata Consumer Products, Kotak Mahindra Bank, Sun Pharma and HDFC Bank.
YES Bank Q4 Result
Private sector lender YES Bank put up a strong show in the fourth quarter (January-March) of the fiscal year 2021-22 . The bank reported a profit of Rs 367 crore against a loss of Rs 3,788 crore registered in the corresponding quarter of the previous fiscal, driven by a sharp downtick in provisions, strong net interest income, and pre-provision operating profit (PPoP) with an improvement in asset quality performance.
Maruti Suzuki , Hyundai see wholesales drop in April
Facing production issues due to supply chain challenges, leading carmakers Maruti Suzuki (MSI) and Hyundai Motor reported a dip in vehicle dispatches from factories to dealers in April this year.
Tata Motors, Toyota Kirloskar Motor and Skoda Auto on the other hand witnessed a robust growth in vehicle dispatches last month.
Russia-Ukraine war
A top-level U.S. congressional delegation led by House Speaker Nancy Pelosi praised the “ferocity” and resolve of Ukrainians face to face with their leader in a weekend visit to Kyiv undertaken in extraordinary secrecy.
Pelosi and the half dozen U.S. lawmakers with her met Ukrainian President Volodymyr Zelenskyy and his top aides for three hours late Saturday to voice American solidarity with the besieged nation and get a first-hand assessment of the effort as she works to steer a massive new Ukraine aid package through Congress.