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SGX Nifty Up 148 Points; Indicates Gap-Up Opening for Indian Stock Markets
Mon, 29 Nov SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:10 am, it was trading up by 148 points, or 1% higher at 17,180 levels.

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

Asian stock markets regained a little composure today as investors settled in for a few weeks of uncertainty on whether the Omicron variant would really derail economic recoveries and the tightening plans of some central banks.

The Hang Seng and the Shanghai Composite are trading down by 0.3% and 0.4%, respectively. The Nikkei is trading on a flat note.

In US stock markets, Wall Street indices fell aggressively on Black Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets.

The downward moves came after World Health Organization (WHO) officials on Thursday warned of a new Covid-19 variant that's been detected in South Africa.

The WHO on Friday classified the variant as a 'variant of concern.' As the world continues to learn more about the new variant, which WHO named 'omicron', epidemiologists say countries around the world should be on the alert.

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The Dow Jones Industrial Average fell more than 1,000 points at its session low and ended the day down 905 points or 2.5%, for its biggest one-day percentage price and percentage drop of 2021. The Nasdaq Composite fell 2.2%.

US stock futures are trading on a firm note today with Dow Futures up by 255 points.

Gold prices edged higher today, as concerns over the impact of the possibly vaccine-resistant Omicron coronavirus variant supported the precious metal's safe-haven appeal.

Crude oil prices rose today, recouping some losses after Friday's plunge of about US$10 a barrel, as investors looked for bargains but remained cautious with the focus on the Omicron coronavirus variant and Iran nuclear deal negotiations.

Back home, Tarsons Products and IEX will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why you shouldn't be bullish on crude oil.

As per Vijay, the WTI crude oil price cannot hold above US$100. If you're bullish on the price of oil, we strongly recommend you watch this video for the opposite view.

You can watch the video here: Why WTI Crude at US$100 is Kite Flying

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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