SGX Nifty indicates a negative opening for Indian markets Dec 02

SGX Nifty is at 13,134.00 levels, down 78.75 points. (Updated at 7:38 AM)

The Nifty saw another high as foreign ETF flows seem unstoppable with the largest ever buying by overseas investors pushing the Nifty to new highs.

IT, pharma & energy stocks led the rally as PSU stocks joined the party. Gail, Infy & HDFC were the heavyweights which led the gainers while the mid caps also saw renewed traction.

For today, expect some consolidation with the broader market seeing more momentum while large cap stocks take a breather.

US Market: US markets start December with a flourish as Dow Jones crosses 30000 intra day before profit booking sees it close almost 260 points from the high of the day.

Nasdaq sees highest close in last 3 months as technology stocks lead the rally while cyclicals see profit booking. Bond yields also see uptick, hitting 0.91% while Gold sees strong rebound.

Asian Market: Asian markets opened mixed with the Japanese Nikkei seeing profit booking in early trade & slipping 100 points.

The other Asian indices were in the green led by the South Korean Kospi as technology stocks saw strong rebound in the US.

Most Asian markets now trading near 3 year highs also see caution as overbought conditions in equity in the short term could see bouts of sharper than expected profit booking.