Market Live Updates Today: Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 84 points

The market is expected to open in the red as trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 84 points.

The BSE Sensex shed more than 660 points from day's high and closed 49 points lower to 55,769, while the Nifty50 declined 44 points to 16,584 and formed bearish candle on the daily charts at the closing on Friday, indicating nervousness among market participants.

As per the pivot charts, the key support level for the Nifty is placed at 16,503, followed by 16,423. If the index moves up, the key resistance levels to watch out for are 16,729 and 16,875.

US Markets

Wall Street's three major stock indexes ended lower on Friday after a solid jobs report ate in to hopes for a pause in the Federal Reserve's aggressive policy-tightening which is needed to cool decades-high inflation.

The technology-heavy Nasdaq led the declines, falling 2.5% as shares of market heavyweights Apple Inc and Tesla Inc were the biggest drags on the market.

The Dow Jones Industrial Average fell 348.58 points, or 1.05%, to 32,899.7, the S&P 500 lost 68.28 points, or 1.63 percent, to 4,108.54 and the Nasdaq Composite dropped 304.16 points, or 2.47 percent, to 12,012.73.

Asian Markets

Asian shares made a muted start on Monday as caution gripped ahead of a critical reading on US inflation, while the euro gained on the yen amid wagers the European Central Bank will take a major step toward policy tightening this week.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1%, while Japan's Nikkei eased 0.3 percent. S&P 500 futures and Nasdaq futures both edged up 0.1 percent.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 84 points. The Nifty futures were trading around 16,505 levels on the Singaporean exchange.