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SGX Nifty Down 54 Points; Indicates Negative Opening for Indian Stock Markets
Fri, 15 Jan SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 54 points, or 0.4% lower at 14,565 levels.

Trends on SGX Nifty indicate a negative opening for Indian stock markets.

Asian stock markets rose today, brushing off a late Wall Street dip as expectations of large US stimulus under President-elect Joe Biden shored up sentiment.

Investors kept an eye on Federal Reserve Chair Jerome Powell, who struck a dovish tone in comments at a virtual symposium with Princeton University.

Powell said the US central bank is not raising interest rates anytime soon and rejected suggestions the Fed might start reducing its bond purchases in the near term.

The Hang Seng is trading down by 0.3% while the Shanghai Composite is up 0.6%.

In US, Wall Street indices pared gains to end slightly lower on Thursday, with tech shares declining, as traders awaited the unveiling of a potentially big economic stimulus package.

The three major indexes were little changed even after the Labor Department's weekly jobless claims report showed that initial claims spiked to the highest level since August last week.

The Dow Jones Industrial Average ended down by 0.2% while the tech heavy Nasdaq ended down by 0.1% after hitting an all-time high earlier in the session.

President-elect Joe Biden unveiled a US$ 1.9 trillion stimulus package proposal on Thursday, saying in prime-time remarks that bold investment was needed to jump-start the economy and speed up the US response to the coronavirus pandemic.

US stock futures opened higher after details of Biden's plan were reported, signalling Wall Street was tracking to open higher today.

Crude oil prices are mixed today as strong import data from China, the world's biggest crude importer, that boosted sentiment earlier ran into concerns about Chinese cities in lockdown due to coronavirus outbreak.

Brent was down 3 cents at US$ 56.69, after gaining 0.6% on Thursday. US West Texas Intermediate crude was up 12 cents at US$ 53.69 a barrel, having risen more than 1% the previous session.

Here are the key events due later today:

  • India - Bank Deposit & Loan Growth Rate
  • India - Forex Reserves & Trade Balance
  • US - Retail Sales & PPI December

Back home, SAIL and Infosys will be among the top buzzing stocks today.

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

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Read the latest Market Commentary


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