SGX Nifty indicates a positive opening for Indian markets

SGX Nifty indicates a positive opening for Indian markets

Asian markets opened in the red with morning losses being recouped in Japan & South Korea as growth numbers from South Korea surprised on the upside.

SGX Nifty is at 11,842.00 levels, up 62.25 points. (Updated at 7:34 AM)

The Nifty saw a very strong down day with weak global cues & US futures down over 350 points. This saw the index fall over 165 points while bank Nifty also saw cuts of over 400 points.

Auto stocks led the downside with 2 wheelers seeing big cuts of over 5% & the index falling over 3%, while metals & media also joined the sell-off.

Mid caps also saw expiry related pressure as we head into October derivative contracts expiry on Thursday.

US Market: US stocks close with big losses as rising Covid cases coupled with indecision on stimulus see Dow Jones falling over 650 points.

Nasdaq also sees cut of over 1.5% while European stocks see worst start to the week in over 2 months. Bond yields fall to 0.79% as oil sees over 3.5% drop as rising in Covid could deter consumption.

Asian Market: Asian markets opened in the red with morning losses being recouped in Japan & South Korea as growth numbers from South Korea surprised on the upside.

Most Asian markets were consolidating in anticipation of the sell-off in Europe & US as rising cases & uncertainty of looming elections was being priced in.

Chinese data shows a strong rebound with Asia relatively better placed in the pandemic handling & spread.Text