SGX Nifty Trades 221 Points Higher; Indicates Gap-Up Opening for Indian Stock Markets

Mon, 1 Mar SGX Nifty

   Momentum Moves   

   Pre-Open   

   09:30 am   

   12:30 pm   

   Closing   

The SGX Nifty opened on a positive note today.

At 8:10 am, it was trading up by 221 points, or 1.6% higher at 14,750 levels.

Trends on SGX Nifty indicate a gap-up opening for Indian stock markets.

Asian stock markets are trading on a negative note today. The Nikkei is trading down by 1.7% while the Hang Seng is down 2.2%.

In US stock markets, Wall Street's main indexes extended losses on Friday as fears of a potential rise in inflation kept US bond yields around one-year high, while tech stocks clawed back some losses.

The benchmark 10-year US treasury yield eased 10 basis points to around 1.42% on Friday, after surging above 1.6% at one point on Thursday.

The Dow Jones Industrial Average ended lower by 1.5%, while the tech heavy Nasdaq ended higher by 0.6% as big tech names rebounded after a large sell-off in the previous session amid surging bond yields.

All three major averages posted weekly losses as fears of higher interest rates and inflation deepened. The Dow fell 1.8%, and the Nasdaq was the relative underperformer this week, losing 4.9%.

Despite weakness last week, all three benchmarks finished February with modest gains. The Dow climbed 3.2% while the Nasdaq gained 0.9%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Dow Futures are trading up by 249 points while Nasdaq futures are up 1.2%.

Crude oil prices rose more than US$ 1 today on optimism in the global economy thanks to progress in a huge US stimulus package and on hopes for improving oil demand as vaccines are rolled out.

Here are the key events due later this week:

• US - Jobless Claims, Factory Orders and Natural Gas Storage - Thursday
• India - Exports, Imports and Trade Balance - Monday
• India - Forex Reserves - Friday

Back home, DHFL and Nava Bharat Ventures will be among the top buzzing stocks today.

In our previous Momentum Moves video, Brijesh had highlighted about how the Nifty and Nasdaq could reverse. Since then, the Nifty is down 6% from its high whereas the Nasdaq is down by more than 7%.

In our latest Momentum Moves video, Brijesh Bhatia explains why the Nifty is weak and could head to 14,000-levels.

In the video, Brijesh also explains why he thinks smallcaps are looking good.

As per Brijesh, the smallcap index has formed a bottom after a couple of bearish years and likely to outperform Nifty in next couple of quarters. Investors should look to increase their allocation in smallcaps over largecaps.

You can watch the video here: Nifty is Weak but Smallcaps Can Outperform

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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