SGX Nifty indicates muted opening for Indian markets - March 02, 2021

For today expect IT & auto to lead the gainers as auto numbers beat estimates while IT spending globally seeing a huge increase in budgets.

March 02, 2021

SGX Nifty is at 14,905.20 levels, down 6.80 points. (Updated at 7:46 AM)

The Nifty saw a strong rebound after Friday’s sharp sell-off as value buying saw short covering with mid-cap outperform.

PSU stocks were again the stars as they continue to see rerating after the recent budget.

For today expect IT & auto to lead the gainers as auto numbers beat estimates while IT spending globally seeing a huge increase in budgets.

US Market: US markets rebound in style after seeing the worst week in over 4 months as Dow Jones jumps nearly 2% while Nasdaq does 3% as technology stocks lead the rally.

Bond yields remain near 1.45% even as the US senate ready to pass the stimulus bill for US$ 1.9 trillion.

Oil prices also rise in tandem with stocks as markets regain momentum in risk assets.

Asian Market: Asian markets opened in the green as most markets closed on Monday opened strong led by the South Korean & Taiwan markets.

The Japanese "Nikkei’ which saw a strong rebound yesterday was trading higher by 100 points only as profit booking emerged after a strong open.

Chinese stocks will again regain attention as factory orders & export numbers due this week will set the stage for further stock outperformance.