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SGX Nifty Down 38 Points; Indicates Negative Opening for Indian Stock Markets
Mon, 18 Jan SGX Nifty | Yash Vora, TM Team

The SGX Nifty opened on a negative note today.

At 8:00 am, it was trading down by 38 points, or 0.27% lower at 14,420 levels.

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

Asian stock markets retreated from highs as disappointing news on US consumer spending dampened sentiment ahead of a closely-watched reading on the health of the Chinese economy.

Reports state that Chinese GDP data is expected to show growth picked up to an annual 6.1% last quarter, from 4.9% in the third quarter.

Also evident were doubts about how much of US President-elect Joe Biden's stimulus package will make it through Congress given Republican opposition, and the risk of more mob violence at his inauguration on Wednesday.

The Hang Seng is trading down by 0.3% while the Shanghai Composite is down 0.2%. The Nikkei is trading lower by 0.7%.

US stock markets closed on a negative note on Friday, with the three major indexes registering their largest one week drop since October 30, after President-elect Joe Biden announced a US$ 1.9 trillion Covid-19 relief plan late Thursday and investors assessed results from a trio of big banks.

Watch Now: 3 Little-known Stocks We are Super Bullish On

However, data showed US December retail sales fell for a third straight month, while some analysts were skeptical about the chances of Biden's fiscal package passing Congress intact.

The Dow Jones Industrial Average ended down by 0.6% while the tech heavy Nasdaq ended down by 0.9%.

Both indices registered weekly declines with the Dow off 0.9% and the Nasdaq losing 1.5%.

US markets are closed today for the Martin Luther King holiday.

Crude oil prices witnessed some profit-taking on worries the spread of increasingly tight lockdowns globally would hurt demand.

Here are the key events due later this week:

  • China - GDP - Q4 & Industrial Production - Monday
  • EU - Economic Sentiments - Tuesday
  • US - Crude Oil Inventory - Wednesday

Back home, GAIL and Tata Steel Long Products will be among the top buzzing stocks today.

Market participants will also track the Rs 46.3 billion IPO by Indian Railway Finance Corporation (IRFC), which will open for subscription 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.

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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