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SGX Nifty Down 190 Points; Indicates Negative Opening for Indian Stock Markets
Mon, 21 Jun SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:20 am, it was trading down by 190 points, or 1.2% lower at 15,560 levels.

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

Asian stock markets are negative today after Treasury yields fell as traders soured on the reflation trade in the wake of a hawkish pivot by the Federal Reserve.

The Hang Seng and the Shanghai Composite is down 1.2% and 0.1%, respectively.

Japan's Nikkei led declines with a 3.4% drop and dipped below 28,000 for the first time in a month.

In US stock markets, Wall Street indices ended lower as US stocks retreated Friday, as traders warily eyed the Federal Reserve for hints of where monetary policy is headed.

Benchmark 10-year US Treasury yields fell to the lowest since early March at 1.4110%, while those on 30-year bonds slid as low as 1.9990% for the first time in more than four months.

The Dow Jones Industrial Average had its worst week since the week ended October 30. The index of blue-chip stocks on Friday fell 1.6%, or 533.4 points, to 33,290.1. For the week, it lost 3.5%.

The S&P 500 declined 1.3%, or 55.4 points, to 4,166.5 on Friday, losing 1.9% on the week. That broke a three-week streak of gains. The Nasdaq Composite lost 0.9%, or 131 points, to 14,030.4, as large technology stocks also fell. For the week, it was down 0.3%.

U.S. stock futures pointed to further selling when Wall Street reopens, easing 0.2% after Friday's 1.3% slide in the S&P 500.

Dow futures and the Nasdaq futures are trading down by 153 points and 22 points, respectively.

Gold prices firmed on Monday, after posting a 6% drop last week, as a retreat in U.S. Treasury yields boosted the allure of the non-yielding metal.

Crude oil rose for a second day, with the initial move triggered by OPEC sources saying the producer group expected limited U.S. oil output growth this year despite rising prices.

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

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani explains why the words of the US Fed matter to global markets

You can watch the video here: Why You Should Care About the Fed

To know the top cues in today's stock market session, check out the preopen 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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