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SGX Nifty Down 50 Points; Indicates Weak Opening for Indian Stock Markets
Fri, 9 Jul SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:15 am, it was trading down by 50 points, or 0.3% lower at 15,660 levels.

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

Asian stock markets are trading on a negative note today after following US equities lower on Thursday on growing anxiety that the spread of covid-19 variants could hamper the global economic recovery.

The Hang Seng is trading on a flat note, while the Shanghai Composite is down by 0.9%. The Nikkei is trading down by 2.3%.

In US stock markets, Wall Street indices lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off, driven by uncertainties surrounding the pace of the U.S. economic recovery.

Banks were the biggest losers with the US 30-year Treasury yields fell briefly below 1.90% for the first time since February.

The S&P 500 fell 0.9%, with the economically-sensitive industrial and material sectors helping to lead all 11 industry groups lower. The benchmark index had set all-time closing highs in eight of the last nine trading sessions.

The Dow Jones Industrial Average fell 0.8%, while the tech-rich Nasdaq Composite Index ended down by 0.6%.

US stock futures are trading on a flat note today with Dow Futures up by 30 points.

Gold prices on Friday were set for the third straight weekly gain, as a slight pullback in the dollar made bullion less expensive for other currency holders, while a drop in U.S. Treasury yields also offered support to the safe-haven metal.

Crude oil prices rose on Thursday, rebounding from early losses after US government data showed a much bigger drop than expected in crude and gasoline inventories.

Still, Brent prices remained about US$3 a barrel below Monday's close, as traders remained worried that global crude supplies might swell following the collapse that day of negotiations between the organization of the petroleum exporting countries and allies including Russia, a group known as OPEC+.

Back home, PNB Housing Finance and Adani Enterprises will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani shares why he believes green metals are the future.

You can watch the video here: Green Metals Are the Future

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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