SGX Nifty Up 75 Points; Indicates Positive Opening for Indian Stock Markets

Mon, 15 Mar SGX Nifty

   Pre-Open   

   Momentum Moves   

   09:30 am   

   12:30 pm   

   Closing   

The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 75 points, or 0.5% higher at 15,105 levels.

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

Asian stock markets are trading on a mixed note today while US bond yields hovered near a 13-month peak as investors bet US economic growth will accelerate after the passing of a massive stimulus package.

The Nikkei is trading up by 0.3% while the Hang Seng is up 1.1%. The Shanghai Composite is trading lower by 0.2%.

In US stock markets, Wall Street indices ended mixed on Friday as technology stocks came under renewed pressure.

The Dow Jones Industrial Average set a fresh record high and added nearly 300 points, or 0.9%. Meanwhile, the Nasdaq underperformed and dropped 0.6%, but came off session lows.

The benchmark 10-year Treasury yield added nearly 10 basis points to reach a more than one-year high of 1.6%. This marked a rise of about 50 basis points from levels from one month ago.

US stock futures are trading higher today indicating a positive opening for Wall Street indices with Nasdaq Futures trading up by 69 points.

Crude oil prices edged up today, with Brent drifting near US$ 70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.

Bitcoin slipped to US$ 59,691, off a record high of US$ 61,781 hit on Saturday after Reuters reported a senior Indian government official said Delhi will propose a law banning cryptocurrencies, fining anyone in the country trading or even holding such digital assets.

Here are the key events due later this week:

• Germany - 30 Year Bond Auction - Wednesday
• US - Fed Rate Decision & FOMC Statement - Wednesday
• India - WPI Manufacturing Inflation & Trade Balance - Monday

Back home, IDBI Bank and Dixon Technologies will be among the top buzzing stocks today.

In the latest Momentum Moves video, Brijesh Bhatia explains why the markets are showing signs of tiring at higher levels.

As per Brijesh, Nifty is likely to consolidate and a fresh trend might emerge only below 14,450 or above 15,400.

In the video, Brijesh also talk about the metal index. The metal index will continue to trend higher. When compared with the CRB Commodity Index it highlights the co-relation of commodity prices with the equity metal index in India and US.

As per Brijesh, investors should continue to hold as well as accumulate metals stocks in their portfolio.

You can watch the video here: Bulls Exhausted at Higher Levels

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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