SGX Nifty indicates a negative opening for Indian markets

For today expect more consolidation around 11,500-11,600 before a retest of 11,750 by next week on the index. Banks could see more upside as economic activity & credit offtake improves.

Sep 16, 2020 07:09 IST India Infoline News Service

SGX Nifty is at 11,511.20 levels, down 22.80 points. (Updated at 7:42 AM)

The Nifty saw a day of volatile trade end in the green with the index closing well above 11,500 as banks saw a huge short-covering rally. Banks, financial services & pharma led the gainers while media, metals & reality saw profit booking.

For today expect more consolidation around 11,500-11,600 before a retest of 11,750 by next week on the index. Banks could see more upside as economic activity & credit offtake improves.


US Market: US stocks see another day of gains led by technology stocks as Nasdaq closes higher by 1.5%. Dow Jones braves last hour volatility to close in the green despite trading in the red after morning rally gets sold into.

Bond yields close unchanged while oil prices seem ripe for the rally as global growth outlook improves.US$ sees weakness creep in with emerging market currencies & bonds seeing buying.

Asian Market: Asian markets opened flat with the Japanese "Nikkei' trading unchanged while the South Korean 'Kospi' was also flat after hitting 2 year highs & being the best index globally in the last 5 months. Chinese stocks will react to better than expected manufacturing data along with strength in the yuan which bodes well for foreign equity investors.

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