SGX Nifty indicates a flat opening for Indian markets
SGX Nifty is at 12,976.20 levels, up 2.50 points. (Updated at 7:42 AM)
The Nifty saw another volatile day as fresh new all time highs saw a bout of strong profit booking as Nifty fell over 300 points from the highs; programmed selling by select foreign investors saw Nifty hit a high of 13145 & low of 12833 as muted flows from foriegn investors & continued selling of local mutual funds saw Nifty close lower by 197 points.
Bank Nifty also saw intra day moves of over 1000 points as it succumbed to profit booking.
For today expect expiry of derivative contracts near 13000 as the index sees its highest close ever.
US Market: US markets end mixed with Dow Jones seeing profit booking & closing lower by 175 points while Nasdaq sees smart gains & closes higher by 60 points.
Oil prices see best month to date in over 8 months while bond yields also inch up to 0.88%.
Gold prices also see traction near recent lows as smart money buys defensives in over priced equities scenario.
Asian Market: Asian markets opened in the green led by the Japanese Nikkei which traded higher by 100 points as it hit fresh new 2 year highs.
The last 8 months have seen stellar performance from most Asian markets with the Japanese Nikkei in large caps & South Korean ‘Kospi’ in small caps leading the gainers.
Chinese stocks bucked the trend this month & saw profit booking even yesterday as they stay away from the global rally.