Market Live Updates Today: Trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 223 points

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 223 points.

The BSE Sensex plunged 1,416 points, or 2.6 percent, to 52,792, while the Nifty50 declined 431 points or 2.65 percent to 15,809 and formed bearish candle on the daily charts.

As per the pivot charts, the key support level for the Nifty is placed at 15,728, followed by 15,647. If the index moves up, the key resistance levels to watch out for are 15,938, followed by 16,066.

US Markets

Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates.

The S&P 500 declined 0.58% to end the session at 3,900.79 points. The Nasdaq declined 0.26% to 11,388.50 points, while the Dow Jones Industrial Average declined 0.75% to 31,253.13 points.

Asian Markets

Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth.

China cut its five-year loan prime rate (LPR) by 15 basis points on Friday morning, a sharper cut than had been expected, as authorities seek to cushion an economic slowdown, though it left the one-year LPR unchanged. The five-year rate influences the pricing of mortgages.

MSCI's broadest index of Asia-Pacific shares outside Japan quickly built on early gains after the cut, and was last up 1.4%.