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SGX Nifty Falls 192 Points; Indicates Gap-Down Opening for Indian Stock Markets
Fri, 30 Apr SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:05 am, it was trading down by 192 points, or 1.3% lower at 14,740 levels.

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

Asian stock markets slipped today as China's crackdown on technology firms dented sentiment despite another all-time record for the US market overnight amid solid economic growth data.

Chinese regulators imposed wide-ranging restrictions on the financial divisions of 13 companies, including Tencent Holdings Ltd. and ByteDance Ltd., in an antitrust crackdown.

The Nikkei is presently trading down by 0.5% while the Hang Seng is down 1.6%. The Shanghai Composite is trading lower by 0.7%.

In US stock markets, Wall Street indices ended higher on Thursday with the S&P 500 closing at a record high, fueled by gains in Facebook following its strong earnings report.

The Dow Jones Industrial Average gained 0.7% while the Nasdaq also climbed 0.2%.

Facebook Inc rallied 7.3% to an all-time high after the world's largest social network beat quarterly revenue and profit estimates. It was its biggest single-day gain in five months and easily contributed the most upside to both the S&P 500 and Nasdaq.

US equities have climbed to new highs this week amid signs of rebounding corporate profits and economic activity, and after more dovish messaging from the Federal Reserve.

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A new report Thursday showed US gross domestic product increased at a 6.4% annualized rate in the first quarter, bringing overall output within striking distance of its pre-pandemic levels.

US stock futures slipped today following a new high for the S&P 500. A mixed batch of earnings reports Thursday included disappointments for Ford Motor Co. and Twitter Inc., and gains for Facebook Inc. and Amazon.com Inc.

Dow futures are trading down by 49 points while Nasdaq futures are down 57 points.

Gold prices edged lower today as higher US Treasury yields dampened the metal's appeal.

Demand for gold in India in the January - March 2021 quarter (Q4FY21) surged 37% to 140 tonne as compared to the previous corresponding period, said World Gold Council (WGC) in its latest release on Thursday.

In value terms, the demand was higher by 57% year-on-year (YoY) at Rs 588 billion during the period under review.

The demand in India during the March 2021 quarter is in stark contrast to the demand globally, which dropped 23% YoY to 815.7 tonne, mainly driven by outflows of gold-backed exchange-traded funds (ETFs) and low central bank buying.

Back home, Indiamart Intermesh and Biocon will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, Brijesh Bhatia talks about smallcap stocks and why he thinks it's a good time to buy smallcaps now.

Back in February, he had recorded a video on smallcaps. Brijesh had said smallcaps would outperform the Nifty and that call turned out to be correct.

But what about now? Will smallcaps continue to outperform? Brijesh answers this question in his latest video.

You can watch the video here: Time to Buy Smallcaps?

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!

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