For today expect industrials to resume buying outperform as early vaccine bodes well for banks, auto & industrials.
SGX Nifty is at 12,860.20 levels, down 43.30 points. (Updated at 7:40 AM)
The Nifty saw Friday sell off in the morning get bought into with a mid session rally in banks seeing momentum return as European indices moved higher. The undertone remains positive with intra day volatility seeing all dips being bought into. The selling pressure from local mutual funds continues, however the unprecedented wave of money from ETF funds seeing foreign buying at its highest ever mitigates the supply of paper. For today expect industrials to resume buying outperform as early vaccine bodes well for banks, auto & industrials.
US Market: Dow Jones closes within whisker of 30000 as Moderna vaccine efficacy sees fresh surge in industrials as auto & banks lead the indices higher. Nasdaq also closes up nearly 1% while S&P 500 ends at fresh record highs. US$ sees weakness as bond yields rise to near 1% & oil prices spurt on fresh growth expectations. Gold prices fall further, down over 10% from July highs.
Asian Market: Asian markets opened muted with the Japanese Nikkei trading higher by 70 points after seeing a over 2% rally on Monday. Most Asian markets were in full gear on Monday in expectations of a US rally & hence today could see a tempered start. China data & expectations of better relations between new US President & Chinese Premier could see stocks do well as business relations resume to gather strength.