SGX Nifty indicates a positive opening for Indian markets

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Sep 12, 2019 07:09 IST India Infoline News Service

Stock up
SGX Nifty is at 11,070, up by 33 points. For today, expect another day of smart open as global cues see more interest from foreign investors, with equities seeing renewed interest.

Nifty saw a smart move for the 5th day running as midcaps led the day with outperformance. Metals, automotive, and bank stocks were the stars as markets rallied with breadth improving smartly. Local buying got a fillip as foreign investors turned buyers, which added to the momentum.

US stocks closed within 1% of all-time highs as equities regained their sweet spot with President Trump reiterating the need for lower rates. The US is in talks to lift Iran sanctions & defer tariffs on China as positive momentum in geopolitics saw oil prices crash. Bond yields witnessed a further uptick as the growth momentum saw the higher cost of money with equities near new all-time highs.

Asian stocks opened in the green owing to a smart rally of over 225 points on the Dow Jones resulting in a ripple effect. Most Asian indices traded well in the positive. Expect another good week as the narrative of lower rates coupled with the removal of sanctions should bode well globally for stocks given that US indices trade close to all-time highs. The fall in oil prices should see more momentum and is positive for importers as it turns trade balances more positive with better traction on the currency.

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