SGX Nifty indicates negative opening for Indian markets - February 26, 2021

For today, expect global cues to see weakness in early trade as rise in yields could see banks under pressure.

February 26, 2021 7:42 IST

SGX Nifty is at 14,896.80 levels, down 127.20 points. (Updated at 7:44 AM)

The Nifty saw a superb expiry as short covering in banks & massive outperformance in PSU stocks saw Nifty close at 15100.

Bank Nifty saw early short-covering lead to 2nd half profit booking with intraday swings of 750 points before closing up 100 points.

It was all about PSU stocks with Coal India, ONGC, BPCL & NTPC being the top gainers while mid-caps also saw most PSU stocks hit near term highs.

For today, expect global cues to see weakness in early trade as rise in yields could see banks under pressure.

US Market: US markets see huge fall as rising in yields see technology stocks lead the downside with Nasdaq falling 3.5%, its worst one day fall in over 4 months.

Dow Jones cracks over 1.5% as 10-year bond yields hit 1.60% before settling down @ 1.52%. Oil prices also slide with all asset classes seeing sell-off & no place to hide.

Asian Market: Asian markets opened deep in the red led by the Japanese Nikkei, which traded down 2.5% in early trade as overnight sell off in US stocks & rising yields saw a global sell off.

With commodities having seen the best run of the year expect sell off in most asset classes as the cost of money rises due to expected rise in inflation.

The growth momentum post Covid is seeing more traction as most countries are on a fast track for vaccines. which in the longer run could see near term volatility as a chance to buy good stocks.