SGX Nifty Up 78 Points; Indicates Firm Opening for Indian Stock Markets

Fri, 7 May SGX Nifty

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The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 78 points, or 0.5% higher at 14,875 levels.

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

Asian stock markets are trading on a positive note today following a healthy lead from Wall Street, with all eyes on the release of US jobs data later in the day.

The Hang Seng is trading up by 0.6% while the Nikkei is up 0.2%.

In US stock markets, Wall Street indices closed higher as gains by banks and technology companies led a broad rally.

Sentiment also got a boost after a report showed the number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the pandemic started.

Continuing its uptrend, the Dow Jones Industrial Average hit a new high.

Healthcare sector was hurt by news that the White House supports waiving intellectual property rights for coronavirus vaccines to help immunize poorer countries faster. Shares of drug-maker Moderna fell as investors shrugged off its first-ever quarterly profit.

The Dow Jones Industrial Average rose 318 points or 0.9% while the Nasdaq rose 50 points or 0.4%.

Note that stocks are headed for their first weekly gain in three weeks amid a surge in commodity prices.

US stock futures are trading higher today with Dow futures trading up by 40 points while Nasdaq futures are up 62 points.

Gold prices hovered near a 2-1/2-month high, aided by a pullback in the dollar and Treasury yields as investors cautiously await US non-farm payrolls data for further cues on the health of the world's biggest economy.

Crude oil prices edged up in early trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices.

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

HDFC, Ultratech Cement, Dabur India, Kansai Nerolac and Godrej Agrovet are among companies that will announce their March quarter results today.

In his latest video for Fast Profits Daily, Brijesh Bhatia explains how you can make trading profits in the market when the Nifty is stuck in a range.

Nifty has been rangebound ever since the month of February.

As per Brijesh, the recent downtrend may have been stooped by the bulls, but they don't seem to be strong enough to take the markets to new highs...at least in the short term.

So, what should you do? How do you trade the market when the index is stuck in a range?

Watch Brijesh's video here to find out more: Profit from a Rangebound Nifty

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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