SGX Nifty indicates a flat start for Indian markets

13 Apr 2022 , 08:02 AM

SGX Nifty is at 17,581 levels, higher 20 points. (Updated at 7:42 AM)

The Nifty saw another weak session as foreign selling increased following the weakness in US markets which saw the index dip over 200 points before a strong rally in the last hour saw the index close lower by 140 points.

Bank Nifty was the star outperform as it recovered to close from down 400 to close with gains of 133 points. ICICI, AXIS & Bandhan led the gainers, while metal & energy stocks led the losers even though TCS results beat estimates.

Midcap stocks got sold after 4 days of outperforming as profit booking was witnessed across the board.

US indices: US markets see intraday rally get sold into even though inflation numbers beat estimates with Core numbers showing a fall in inflation. Bond yields fall to 2.68% while oil prices see over 5% rise as supply concerns over Russian sanctions see demand rise.

Asian markets: Asian indices opened in the green led by the Japanese ‘Nikkei’ as strong US futures coupled with the reopening of China after Covid restrictions eased saw demand for stocks rise. Export oriented stocks saw a jump with technology spending set to rise which saw the ‘Nikkei’ trade higher by 300 points joined by a strong show by South Korea & Taiwan markets.