SGX Nifty indicates flat to positive opening for Indian markets

9 Mar 2022 , 07:50 AM

SGX Nifty is at 15,975.00 levels, lower 21.00 points. (Updated at 7:50 AM)

The Nifty saw another day of volatile trade as the index rebounded after 5 days of weakness to close in the green. This after intraday fall of over 190 points before closing higher by 150 points.

Bank Nifty also joined the rally as it recovered from down 700 to close higher by 280 points. IOC, Sun Pharma, Cipla & TCS lead the gainers while Hindalco, Tata Steel & JSW steel saw profit booking after a superb rally.

Nifty midcap 50 index closed higher by 1.59% as the breadth improved in the overall markets.

US Market: US markets see further volatility as Dow Jones closes lower by 180 points after being up over 550 points in intraday trade, while Nasdaq closes lower by 35 points after seeing intraday gains of over 300 points.

Bond yields hit 1-month highs at 1.85% as crude spikes to over US$132 as US proposes ban on imports of Russian oil.

Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ as markets rebound from the oversold territory with most Asian indices trading in the green.

The rise in oil will cap upsides for time being as most feel inflation & deficit for oil importers with see pressure on balance sheets.

Chinese stocks may be more resilient as they strike a better deal with Russia to buy oil at a discount.