SGX Nifty indicates positive opening for Indian markets 2nd feb 2021

SGX Nifty is at 14,463.20 levels, up 100.00 points. (Updated at 7:38 AM)

The Nifty saw a massive once in over 10-year rally post-budget rally as it gained over 650 points.

Bank Nifty saw short covering/value buying to close higher by nearly 8.5% or 2550 points.

Sensex closed higher by 2513 points, biggest single-day gain in over 3 years.

Bears scrambled for cover as the Finance Minister unleashed a bold budget with no new taxes & yet spending boost for healthcare, infrastructure & industry with the highest deficit in over a decade.

US Market: US markets start the week with the best day in over 2 weeks as technology stocks lead Nasdaq higher by over 2.5% before results from large players like Google & Amazon.

Bond yields rise along with oil as markets see a return of ‘risk-on’ trade.

Pharma stocks also see huge interest as vaccine demand sees most large players scramble to increase output.

Asian Market: Asian markets opened in the green led by the Japanese Nikkei, which saw gains for the 2nd day running after last week’s massive sell off.

Most Asian markets will see more traction with US$ also seeing some gains as exporters will do well on numbers.

South Korean Kospi is the leader as large IT vendors see gains.