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SGX Nifty Down 67 Points; Indicates Negative Opening for Indian Stock Markets
Mon, 17 Jan SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:00 am, it was trading down by 67 points, or 0.4% lower at 18,207 levels.

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

Asian stock markets are trading on a mixed note today ahead of data expected to underline China's economic slowdown and as traders weighed policy easing by the nation's central bank.

The Hang Seng is trading down by 0.4%, while the Shanghai Composite is trading up by 0.2%. The Nikkei is trading up by 0.7%.

In US stock markets, Wall Street ended on a mixed note on Friday after sentiment appeared to sour on heightened anticipation for higher interest rates and concerns over the economic outlook.

New York Fed President John Williams, a key ally of Fed Chairman Jerome Powell, said that he expects economic growth to slow in 2022 to a 3.5% annual rate, from an estimated 5.5% rate last year, on the spread of omicron.

The Dow closed lower on Friday with a big drag from financial stocks as investors were disappointed by fourth quarter results from big US banks, which cast a shadow over the earnings season kick-off.

The Dow Jones Industrial Average fell 201.8 points, or 0.6%, while the S&P 500 gained 3.8 points, or 0.1% and the Nasdaq Composite added 86.9 points, or 0.6%.

US stock futures are trading on a negative note today with Dow Futures down by 54 points.

Gold prices eased today, as US Treasury yields gained on hawkish signals from the Federal Reserve and markets began to price in a sooner-than-anticipated reduction in balance sheet.

Crude oil prices rose today, with Brent crude futures at their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.

Back home, HCL Tech and Oil India will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani addresses the concerns regarding the imminent tapering by the US Federal Reserve.

In this video, Vijay shares his view on the impact of Fed rate hike on Indian markets.

You can watch the video here: Don't Worry About Fed Rate Hikes

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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