SGX Nifty indicates positive opening for Indian markets

16 Mar 2022 , 07:58 AM

SGX Nifty is at 16,922.80 levels, lower 274.15 points. (Updated at 8:00 AM)

Nifty saw a good start succumb to last hour profit booking as the index had seen 5 days of consecutive gains.

The sell-off was across the board as the Nifty fell nearly 300 points before closing lower by 200. Bank Nifty also saw intraday swings of over 930 points before closing lower by 289.

Midcaps also saw profit booking as the Nifty smallcap 100 index closed lower by 1.41%. Metals, ONGC,& IT stocks saw selling pressure while auto & FMCG bucked the trend.

US Market: US markets see best rally in over 1-month as Dow Jones climbs 600 points while Nasdaq rises nearly 3% as fall in oil sees inflation reading below expectations which spurs the bulls.

Brent crude falls below US$100 after hitting US$139 less than 2 weeks back.

Asian Market: Asian markets saw a positive start as the Japanese ‘Nikkei’ traded higher by nearly 300 as sentiment improved following US cues overnight where stocks rallied sharply.

Fall in oil also indicates the Federal Reserve may be less ‘hawkish’ than expected in its monetary meeting tonight.

Chinese stocks have seen near-term capitulation as sell-off in technology-related plays sees the Hang Seng index hit 10-year lows.