SGX Nifty indicates a negative opening for Indian markets

Asian markets opened weak after the sharp sell off on Wall Street with the South Korean Kospi seeing a fall of over 1.70% while the Japanese Nikkei was trading lower by 170 points.

Oct 29, 2020 07:10 IST India Infoline News Service

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SGX Nifty is at 11,677.80 levels, down 42.10 points. (Updated at 7:44 AM)

The Nifty saw a weak session get weaker as Dow futures & weak European markets saw expiry related blues play out as market breadth went negative.

Nifty closed down 160 points while the Bank Nifty also lost over 530 points.

Expiry of derivative contracts will see high volatility even as foreign investors have been big buyers this month & could see sharp swings in the last hour in select private banks & auto stocks.

US Market: Dow Jones falls almost 1000 points as US stocks fall on double whammy of Presidential elections uncertainty & increasing Covid cases locally & in Europe.

Bond yields fall to 0.73% as oil prices plunge to 5 month lows. US$ sees strength against the Euro where partial lockdowns in France & Germany see currency weakness creep in.

Asian Market: Asian markets opened weak after the sharp sell off on Wall Street with the South Korean Kospi seeing a fall of over 1.70% while the Japanese Nikkei was trading lower by 170 points.

The rise in Covid cases & partial lockdown in Europe will see collateral damage in Asian economic activity however the fast recovery in China & other Asian business may neutralize the fall out.

Buy the fear would be the key as mid November could see a sharp recovery as we get past US elections & rising Covid.

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