SGX Nifty indicates flat opening for Indian markets

17 May 2022 , 08:20 AM

SGX Nifty trading up 18 points at 15,883.20 levels (Updated at 8:40 AM)

The Nifty saw another day of volatile trade to close in the green as foreign selling was the lowest this month with buying in derivative positions. Also, global cues were positive with mid-caps seeing action as market breadth was positive. The Nifty closed higher by 60 points while Bank Nifty was the real star closing with gains of over 475 points. The Nifty midcap 50 index closed with gains of over 1.60%, which shows that the real action was in the broader market.

US Markets: US markets attempt to rise with Dow Jones seeing intra-day gains of over 300 points before last hour profit booking saw it close with gains of 30 points. Nasdaq saw profit booking after 2 days of gains to close lower by 1%. Bond yields closed lower at 2.84% while oil prices rose to 2 weeks high as supply concerns kept prices higher.

Asian Markets: Asian indices opened mixed with the Japanese ‘Nikkei’ trading flat while Taiwan & South Korean markets saw gains along with the Australian market. Chinese stocks may see gains as ETF flows have been positive with Shanghai now announcing reopening as Covid spread is under control. The supply chain disruption due to the partial Chinese lockdown could also see some improvement globally.