SGX Nifty indicates a positive opening for Indian markets

For today, expect some more consolidation as weak US cues could see intra day volatility as local mutual funds turn sellers.

July 08, 2020 07:36 IST India Infoline News Service

SGX Nifty at 10,782.80 levels, up 26.85 points. (Updated at 7:36 AM)

The Nifty saw a day of consolidation as mid session weakness got bought into with the index closing near 10800. This came as banks saw strong buying with the Bank Nifty closing higher by 2%. Profit booking was witnessed in Reliance, metals & pharma while mid cap banks & IT saw huge buying interest with broader market also seeing outperformance.

For today, expect some more consolidation as weak US cues could see intra day volatility as local mutual funds turn sellers.

US Market: US indices closed with losses as sell off got stronger in last hour with Dow Jones closing lower almost 400 points. Profit booking in industrials & energy stocks dragged the indices lower even as Nasdaq hit fresh new highs before seeing weakness creep in. Bond yields trade lower @ 0.65% even as weaker US$ bodes well for emerging markets which are seeing huge ETF flows.

Asian Market: Asian markets opened flat as early losses were bought into in the Japanese & South Korean markets which are trading flat. All eyes on Chinese stocks which have hogged the limelight in the last 5 days closing with gains as huge foriegn flows chase Chinese banks & industrials. Strong auto sales & faster resumption of demand supply chain is seeing Chinese business back on track to pre-Covid levels which is seeing re-rating of Chinese stocks.

Open IIFL Demat Account And Join 5 Lac+ Happy Clients

Please enter your name.
Please enter your valid mobile number in given format (e.g 9999999999)
Please check T&C
View Full Site
x

Login to Trade

Open Trading Account

Home

Earnings

Portfolio

Watchlist

Contact Us

Blogs

RBI Policy Update