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SGX Nifty Down 18 Points; Indicates Flat Opening for Indian Stock Markets
Fri, 9 Apr SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 18 points, or 0.11% lower at 14,920 levels.

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

Asian stock markets are trading on a mixed note today. The Nikkei is trading up by 0.4% while the Hang Seng is down 0.7%. The Shanghai Composite is trading lower by 0.6%.

In US stock markets, Wall Street indices rose on Thursday, setting record highs as Treasury yields fell following softer-than-anticipated labour market data and helped lift technology and other growth stocks.

Weekly initial jobless claims data showed a second straight rise, conflicting with the recent payrolls report.

Federal Reserve Chair Jerome Powell signalled on Wednesday the central bank is nowhere near to reducing its support for the US economy, noting that an expected rise in prices this year is likely to be temporary.

The Dow Jones Industrial Average rose 0.1% while the Nasdaq added 1% to 13,820.

The recent pullback in yields has helped high growth names such as those in the technology sector, the best performing sector on the day. The gains have also sent the tech-heavy Nasdaq to a seven-week high and within 2% of its February 12 record closing high.

US stock futures are trading higher today with Nasdaq futures trading up by 62 points while Dow Futures are trading on a flat note.

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Crude oil prices edged up in early trade today, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the Covid-19 pandemic.

Gold prices jumped, scaling a one-month peak as the Fed's assurances that it will maintain its accommodative policy weighed on Treasury yields and the greenback.

Here are the key events due later today:

  • India - Bank Loan & deposit Growth Rates and Forex Reserves
  • Germany - Industrial Production & Trade Balance - February

Back home, Bharti Airtel and Ashok Leyland will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, Vijay Bhambwani talks about how the Indian consumer has started to take the price of gold and silver higher.

As per Vijay, gold and silver are rising because of Indians and he believes these are good long-term investments.

You can watch the video here: The Indians Are Coming

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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