SGX Nifty indicates positive opening for Indian markets

For today expect strong cues in midcaps with midcap IT, pharma, and banks leading the gains as Nifty aims to hit 16000 this week.

Aug 02, 2021 07:08 IST India Infoline News Service

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SGX Nifty is at 15,869.00 levels, higher 84.00 points. (Updated at 7:45 AM)

The Nifty had a volatile session as midcaps bounced back sharply to lead the gainers while the large caps were subject to foreign selling which has been the theme for July as global cues see ETF selling.

Sun Pharma results beat estimates and saw rerating in the stocks which led the gains with over 12% as pharma led the bounce back.

Metals, PSU banks saw profit booking with the Bajaj twins being the biggest losers on the index.

For today expect strong cues in midcaps with midcap IT, pharma, and banks leading the gains as Nifty aims to hit 16000 this week.


US Market: US stocks trade lower on Friday as Amazon results see profit-booking in both Dow Jones and Nasdaq with both indices closing lower by 145 and 100 points respectively.

Bond yields fall to 1.23% as the debate on inflation and reflation sees yields trade lower.

US$ also sees weakness from last week's highs to close near 92.

Asian Market: Asian markets opened in the green led by a strong pullback in the Japanese market which traded higher by over 400 points in early trade.

The undertone remains volatile after the huge sell-off in China and its listed shares in the Hong Kong market.

With valuations and earnings now very attractively poised expect August to see more traction on the upside.

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