SGX Nifty indicates a flat to positive opening for Indian markets

SGX Nifty indicates a flat to positive opening for Indian markets

  • The Nifty saw a very smart day gaining over 160 points to close at a 7month high.

  • Banks led the charge with short covering/value buying in large caps. HDFC led the gainers rising over 8% as it indicated lending activity at pre covid levels.

  • Mid caps also joined the rally with mid cap banks leading while financial services & realty also chipped in. For today, look for declines to be bought as the undertone remains firm as foreign investors turn big buyers.

  • US Market: US stocks close with losses as last hour sell-off on President Trump’s tweets of no stimulus till after elections sees across the board sell off.

  • Dow Jones closes with losses of 375 points after being up over 140 points during the day.

  • Bond yields remain firm @ 0.75% as Federal Reserve Chairman sees no change in poilicy rates for now. Oil prcies see profit booking after sharp rally which saw them hit 2 month highs.

  • Asian Market: Asian markets opened flat as early losses were bought into as the Japanese Nikkei traded down 90 points in early trade.

  • Most Asian economies are opening up their borders with Singapore & Japan setting the tone as business activity sees resumption with cross border trade.

  • Chinese stocks will again be in the limelight as PMI data beats estimates with bank lending in full force as small businesses see the return of good times.