SGX Nifty indicates positive opening for Indian markets - 8th feb 2021

SGX Nifty is at 15,032.20 levels, up 23.95 points. (Updated at 7:44 AM)

The Nifty saw another blockbuster opening with Bank Nifty rising another 5% to gain over 20% for the week.

SBI results set the PSU banks on fire as the largest PSU banks opened on circuit up 10% as results beat all estimates.

However, profit-booking during mid-session saw banks give up gains to close higher by 1%, while Nifty closed up 28 points before intraday hitting a high of 15014.

For today, expect another strong opening as banks & industrials lead the buying while IT & pharma join the buying list with select Corporate results beating street estimates.

US Market: US markets see indices hit new highs with Dow Jones also closing in on all-time highs as it ends the best week in over 2 months.

Bond yields hit 1.17%, the highest since the initial lockdown in March 2020.

Oil prices also see a rise as demand for energy expected to rise with economic activity resuming globally.

Asian Market: Asian markets saw mixed open with the Japanese ‘Nikkei’ soaring to above 29000 as stronger US$ bode well for exports & local manufacturing saw better than expected growth.

The South Korean Kospi, which has been the best performing Asian index though lagged with profit booking seeing the index trade lower by 1%.

Chinese stocks will be the key as foreign ETF flows see more traction in select mid caps.