SGX Nifty indicates a negative opening for Indian markets

For today, markets will have already discounted the US sell off as we were in correction mode in the last two days. Expect stock specific action on a rangebound day.

Dec 03, 2019 02:12 IST India Infoline News Service

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SGX Nifty is at 11,935, down by 26.5 points.

Nifty closed flat as telecom heavyweights Reliance & Bharti brought up the winners while the broader markets struggled. The fall in Bank Nifty was caused by selling by foreign institutional investors in large quantities on the back of global cues & weak GDP numbers. For today, markets will have already discounted the US sell off as we were in correction mode in the last two days. Expect stock specific action on a rangebound day.

US Market: US indices closed with deep losses as President Trump re-imposed the tariff regime by slapping Argentina & Brazil with tariffs on steel with immediate effect. Oil prices rose ahead of the OPEC meet which could decide on cutting supply, while the US$ fell sharply as demand dropped. Bond yields recovered to hit 1.81% as a fall in US$ offsets the rise in yields.

Asian Market: Asian indices opened weak after US markets saw deep cuts with the Nasdaq falling nearly 1.5%. US/China talks see further obstacles after the recent Hong Kong bill being signed by the US government. For today, expect the Japanese Central Bank talk of huge stimulus to boost sentiment even as the yen sees weakness.

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