SGX Nifty indicates flat opening for Indian markets

4 Feb 2022 , 07:46 AM

SGX Nifty is at 17,591 levels, higher 34 points. (Updated at 7:48 AM) 

The Nifty saw a weak session as US futures trading lower saw foreign selling coupled with profit booking by local mutual funds add to the last hour weakness which saw the index close lower by over 200 points.

IT, banks & financial services stocks led the fall while auto & ITC led the gainers. Midcaps also succumbed to profit-booking with most indices closing lower by 1%.

US Markets: US markets see a sharp selloff after Meta Platforms falls over 25% as social media & digital fintech stocks lead the fall. US Bond yields rise to 1.83% as globally Central Banks raise rates with the UK Central Bank rising rates by 0.25%. US$ index falls to 3-month lows @95.23, which sees emerging markets attract flows, while Amazon results after markets see stocks trade higher by over 17%.

Asian Markets: Asian markets opened mixed with the Japanese ‘Nikkei’ trading lower by 100 points after seeing volatility yesterday in anticipation of the US weakness. South Korea ‘Kospi’ was trading in the green buoyed by superb profits from Posco which boosted metal stocks. Most other Asian markets will resume trade on Monday as they return after the Lunar holidays.