SGX Nifty Down 55 Points; Indicates Negative Opening for Indian Stock Markets

Fri, 22 Jan SGX Nifty | Yash Vora, TM Team

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The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 55 points, or 0.39% lower at 14,580 levels.

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

Asian stock markets retreated from record highs today as investors took some money off the table after a recent rally that was driven by hopes a massive US economic stimulus plan by incoming President Joe Biden will help temper the Covid-19 impact.

The Hang Seng is trading down by 0.3% while the Shanghai Composite is down 0.4%. The Nikkei is trading lower by 0.34%.

In US stock markets, Wall Street indices rose to another record highs on Thursday as investors bet on strong earnings from big tech companies next week.

A better-than-expected reading on jobless claims also supported sentiment. First-time claims for unemployment insurance totalled 900,000 for the week ended January 16, lower than an estimate of 925,000 according to economists surveyed by Dow Jones.

The Dow Jones Industrial Average ended on a flat note while the tech heavy Nasdaq ended higher by 0.6%.

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In the previous session, Wall Street indices had closed at record highs as President Joe Biden was sworn into office, ushering in hope that an improved vaccine rollout will ensure a smoother and faster reopening.

Biden released details of his Covid plan on his first full day in office, including 10 executive orders and his intent to use the Defense Production Act to ramp up protective equipment production.

US stock futures are trading lower today. Dow Futures are trading down by 93 points while Nasdaq Futures are trading lower by 49 points.

Crude oil prices fell in early trade today, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer.

Here are the key events due later today:

• Germany - Manufacturing & Services PMI - January
• UK - Retail Sales - December
• US - Manufacturing & Services PMI - January
• US - Existing Home Sales - December

Back home, Havells India and Tata Communications will be among the top buzzing stocks today.

Market participants will also track the Rs 11.7 billion IPO by Indigo Paints, which will close 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.

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