Indian markets likely to open in the red, following not so strong global cues

6 Jun 2022 , 09:06 AM

Indian markets may open the day in red on the back of not-so-strong global cues. SGX Nifty is also in the red, down by .41% at 9:11 a.m. Indian time.

US markets ended the week on a weak note as stronger than expected non farm payroll data saw sell off. Profit booking in technology stocks despite better earnings was on the cards after the sharp pullback rally.Oil prices rose with EU ban on Russian oil & rise in demand from China reopening.

 Asian indices opened in a muted way with most trading mildly in the red on weak US cues from Friday. However strong numbers from electronic manufacturers in Taiwan saw that index trade in the green. Most Chinese indices will see trading today after a holiday on Friday.

Nifty saw another volatile day with the index giving up all gains to close in the red after seeing the Nifty almost hit 16800.The index saw intra day swings of almost 240 points. This as banks led the losers along with auto stocks. Reliance and IT stocks led the gainers. Mid cap index also saw profit booking at higher levels with Nifty midcap 100 index closing lower by 1.64%.

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