SGX Nifty indicates positive opening for Indian markets (February 05, 2021)

SGX Nifty is at 14,970.20 levels, up 76.50 points. (Updated at 7:42 AM)

The Nifty saw another higher close as it reached 14900 with banks leading the indices higher.

Excellent results by SBI saw short covering drive the stock higher by over 5%, while select PSU heavyweight also contributed to the index closing higher.

The mid-cap index hit all-time highs showing the positive breadth of the bull market as retail participation sees much higher interest in mid-caps.

US Market: US markets see indices hit fresh highs as Nasdaq, S&P 500 & Russell 2000 lead the indices to all-time new highs.

Mid-caps continue to rule the roost as fresh risk on trade now sees valuation discount on mid-caps.

Bond yields edge higher to 1.14% as oil prices see a further rise.

Asian Market: Asian markets saw opening gains as markets reacted to overnight US cues as stocks jumped higher led by the Japanese ‘Nikkei’ which reacted positively to strength in the US$.

US$ has seen a strong pullback from the deeply oversold territory which could see some profit booking in Asian markets ex-Japan.

Chinese stocks which saw profit booking yesterday could also see some buying as data comes better than expected.