SGX Nifty indicates flat opening for Indian markets

19 Apr 2022 , 08:03 AM

SGX Nifty is at 17,243.50 levels, higher 28 points. (Updated at 8:05 AM)

The Nifty saw another weak session with the index seeing its biggest fall in over 1 month as the index fell nearly 400 points before recovering in last hour to close lower by 300 points. Bank Nifty also fell over 750 points as HDFC Bank, Bank Baroda & SBI led the losers while Axis bank saw buying interest.IT stocks led the losers with Infosys falling over 8% as markets were disappointed with the results. The foreign selling of over Rs6000 crore was mostly limited to Infosys, HDFC & HDFC Bank.

Asian markets: Asian indices opened mixed with the Japanese ‘Nikkei’ seeing early gains getting sold into to trade flat while South Korea & Taiwan markets trade in the green. Most Asian markets seem grossly oversold even as bond yields hit highs, as underlying macro improvement should see much better performance in Corporate results. Chinese Government to announce big package to kickstart economy after Covid wave ebbs.

US indices: US markets see another volatile day with Dow Jones seeing intraday gains of over 200 points before closing lower by 30 points. Nasdaq also sees consolidation with intraday gains getting sold into with the index closing lower by 18 points. Bond yields hit over 3-year highs to close @2.85%, which sees pressure on equities.