SGX Nifty indicates positive opening for Indian markets - 22th feb 2021

For today expect pharma, IT & select PSU stocks to see gains while the broader market sees higher volatility as we head into the expiry of derivative contracts this week.

February 22, 2021 7:35 IST

SGX Nifty is at 15,053.00 levels, up 28.00 points. (Updated at 7:35 AM)

The Nifty saw another weak session to end the week down 1%.

Banks led the markets lower as private banks succumbed to profit-booking with rising crude prices & bond yields acting as a point of concern for the short term.

Auto, private banks & infra stocks led the losers while IT, FMCG & select gas stocks bucked the trend on a difficult Friday.

For today expect pharma, IT & select PSU stocks to see gains while the broader market sees higher volatility as we head into the expiry of derivative contracts this week.

US Market: US markets end the week flat as Dow Jones closes unchanged on Friday while Nasdaq ends the session up 0.5%.

Bond yields, the main star for the week, with yields hitting 1.36%, highest in last 13 months. Oil prices also see a spurt for the highest close in a year as texan storm sees supply disruption.

Asian Market: Asian markets opened in the green led by the Japanese Nikkei which hit a 30 year high as weaker US$ & spurt in yields boosted financials as Japanese gas stocks saw the best rally for the year with energy & commodity stocks leading.

Taiwan stocks were also seen gaining, trading near fresh all time highs as economic data beat street estimates with 5% growth for the quarter.

Chinese stocks may also join the rally after seeing lukewarm trade reopening after the Lunar holidays.