SGX Nifty indicates negative opening for Indian markets - March 05, 2021

For today expect a weak ending to the week with global cues dominating the headlines even though the underlying broader markets see huge participation.

March 05, 2021 8:35 IST

SGX Nifty is at 14,910.20 levels, down 117.00 points. (Updated at 7:45 AM)

The Nifty saw a weak day after 3 days of back to back gains as weak US cues saw Nifty sell-off in the morning before recovering mid-session & closing lower by over 160 points.

Bank Nifty also saw losses of over 560 points as it was the main loser on rising bond yields.

Mid-caps defied the odds & continued to see the indices hit fresh new all-time highs as retail investor flock to value.

For today expect a weak ending to the week with global cues dominating the headlines even though the underlying broader markets see huge participation.

US Market: US markets see sell-off for another day as Dow Jones falls 350 points while Nasdaq falls for the fourth consecutive day over 2%.

The Federal Reserve Chairman Powell refuses any action on higher bond yields which surge to hit 1.56%.

Oil rallies to a one-year high as OPEC leaves output unchanged with demand surge seeing WTI prices hit US$63.5.

Asian Market: Asian markets opened in the red led by the US sell-off & surge in bond yields.

The Japanese ‘Nikkei’ was the main loser falling another 500 points in early trade after a 600 point cut on Thursday.

Most Asian markets also had to contend with a stronger US$ as higher crude saw buying in US$ with emerging markets seeing currencies under pressure.

The Chinese stocks also fell to profit booking with the broader market under pressure.