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SGX Nifty Down 31 Points; Indicates Weak Opening for Indian Stock Markets
Mon, 9 Aug SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 25 points, or 0.2% lower at 16,243 levels.

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

Asian stock markets are trading on a mixed note today as traders weighed Friday's strong employment data that fueled expectations the Federal Reserve will move closer to pulling back stimulus.

The Hang Seng and the Shanghai Composite is trading up by 0.5% and 1%, respectively.

Japan's stock markets are closed today on account of a holiday.

In US stock markets, Wall Street indices ended at an all-time high on Friday after the monthly US jobs report came in better than expected, as the economy continues to recover from the Covid-19 pandemic and investors shake off delta variant concerns.

Consumer discretionary shares and technology stocks were hurt by a rise in long-dated benchmark bond yields and a rise in the US dollar though, putting pressure on growth stock areas of the market.

The Dow Jones Industrial Average rose 271.6 points, or 0.8%. The S&P 500 gained 26.4 points, or 0.6% and the Nasdaq Composite advanced 114.6 points, or 0.8%.

For the last week, the Dow Jones gained 0.8%, while the S&P 500 advanced 0.9% and the tech-heavy Nasdaq rose 1.1%.

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US stock futures are trading on a negative note today with Dow Futures down by 42 points.

Gold prices skidded as much as 4.4% to a more than four-month low on Monday as robust US jobs data stoked fears that the Federal Reserve would raises rates quicker than expected, increasing the opportunity cost of holding non-interest bearing bullion.

Crude oil prices dropped 2% today, extending last week's steep losses on the back of a rising US dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.

Back home, M&M and Glenmark Life Sciences will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani, shares a simple hack to increase your profits from day trading.

You can watch the video here: Simple Way to Increase Day Trading Profits

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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Read the latest Market Commentary


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