SGX Nifty Down 12 Points; Indicates Flat Opening for Indian Stock Markets

Fri, 16 Apr SGX Nifty

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   Pre-Open   

   09:30 am   

   12:30 pm   

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The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 12 points, or 0.1% lower at 14,610 levels.

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

Asian stock markets are trading on a flat note today ahead of a raft of Chinese economic data.

The Nikkei is trading up by 0.1% while the Hang Seng is up 0.2%. The Shanghai Composite is trading higher by 0.4%.

China's economy grew at a record pace in the first quarter, official data showed, expanding 18.3% from a year earlier as the recovery from the coronavirus slump accelerated.

The growth in gross domestic product (GDP) was slower than the 19% forecast by economists in a Reuters poll, and followed 6.5% growth in the fourth quarter last year.

It was the strongest growth since at least 1992 when official quarterly records started.

In US stock markets, Wall Street indices jumped overnight to reach record levels as traders eyed a much stronger than expected print on consumer spending and a sharp improvement in the number of new jobless claims.

Traders digested a key print on the strength of the US consumer on Thursday, with the Commerce Department's March retail sales showing the best monthly rise in retail sales since May 2020.

The Dow Jones Industrial Average gained more than 300 points, or about 0.9%, to reach a record intraday and closing high and break above the 34,000 level. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading both indexes higher by more than 1%.

US stock futures are trading lower today, suggesting Wall Street could see muted trading today after reaching fresh records overnight.

Dow futures are trading down by 26 points while Nasdaq futures are down by 47 points.

Gold prices are steady today as robust US economic data nullified support from lower Treasury yields, although the metal looked set to post a second straight weekly gain on inflationary concerns.

Here are the key events due later today:

• India - Forex Reserves
• US - Housing Starts and Building Permits - March
• EU - CPI - March

Back home, HDFC Bank and Maruti Suzuki will be among the top buzzing stocks today.

Market participants will track Wipro share price as the company reported a 0.1% sequential growth in consolidated profit at Rs 29.7 billion for the quarter ended March 2021.

In his latest video, Co-head of Research at Equitymaster, Rahul Shah discusses whether another big crash is likely and the ideal strategy to counter it.

With the coronavirus rearing its head again and looking much more lethal than before, is the risk of a big crash back on the table?

What should be one's strategy should this be the case? Rahul answers all these questions in his latest video.

You can watch the video here: Market Crash: Picture Abhi Baaki Hai?

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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