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SGX Nifty Plunges 158 Points; Indicates Gap-Down Opening for Indian Stock Markets
Fri, 5 Mar SGX Nifty | Yash Vora, TM Team

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 158 points, or 1.1% lower at 14,912 levels.

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

Asian stock markets are trading on a negative note today as rising US Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen to an eight-month trough.

China restored its annual economic growth target, setting it at above 6%, and pledged to create more jobs in cities than last year, as the world's second-biggest economy emerged from a year disrupted by the effects of Covid-19.

The Nikkei is trading down by 1.7% while the Hang Seng is down 2.1%. The Shanghai Composite is trading lower by 1.3%.

In US stock markets, Wall Street's main indexes dropped sharply on Thursday after Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.

The 10-year Treasury yield jumped back above 1.5% following Powell's comments. The benchmark rate had stabilized earlier this week after a spike to 1.6% last week amid higher inflation expectations.

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The Dow Jones Industrial Average ended lower by 1.1%. Meanwhile, the tech-heavy Nasdaq Composite tumbled 2.1%, taking it down about 10% from its record closing high on February 12 and putting it in correction territory.

US stock futures are trading lower today indicating a negative opening for Wall Street indices. Dow Futures are trading down by 146 points while Nasdaq futures are down 0.9%.

All eyes will be on February jobs report, which is set to be released later today. Economists expect to see that 210,000 payrolls were added in February, compared to just 49,000 in January.

Crude oil prices rose today, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic.

Here are the key events due later today:

  • US - Non-Farm Payrolls & Unemployment Rate
  • Germany - Factory Orders
  • India - Forex Reserves

Back home, Adani Ports & SEZ and Welspun India will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how inflation is affecting your money in the market and why you need to keep a close eye on it.

You can watch the video here: Inflation & Your Investments

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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