SGX Nifty indicates a positive opening for Indian markets Nov, 03

SGX Nifty indicates a positive opening for Indian markets

SGX Nifty is at 11,764.00 levels, up 82.75 points. (Updated at 7:35 AM)

The Nifty saw a positive start to the week which met with resistance from Reliance which slided over 8% on weak results & rumours of ill health of the Chairman.

Banks led the gainers with Bank Nifty seeing its best day in over 5 months, however it was not enough to balance the sell off in Reliance & saw the index close higher by 25 points.

Bank Nifty seems set to outperform with the index gaining over 4.15% or nearly 1000 points.

US Market: US stocks see smart pullback before elections as Dow Jones surges over 425 points with crude also seeing smart bounce back.

Bond yields remain close to 0.85% with US$ seeing some weakness.

Equities pricing in most uncertainty of election verdict coupled with rising Covid infections.

Asian Market: Asian markets opened in the green led by the South Korean Kospi index which has been the best performer since the epidemic started in March.

Most Asian equities will closely watch developments on the US election front as ETF flows will be closely eying the US$ & bond yields.

Chinese stocks will also be awaiting more color on leadership change as tariff war during the tenure of President Trump led to extreme volatility in commodities.