SGX Nifty indicates flat to negative opening for Indian markets

8 Feb 2022 , 07:44 AM

SGX Nifty is at 17,229.50 levels, lower 51.00 points. (Updated at 7:44 AM)

The Nifty saw a weak session for the 3rd straight day as both foreign & local funds turned sellers, with large-cap index stocks seeing losses.

Nifty ended down over 300 points while Sensex was down over 1000 points as banks led the losers with Bank Nifty down nearly 800 points.

Mid caps bucked the trend with the Nifty Next 50 index closing lower by 0.67%.

LIC IPO sees pressure on liquidity with local funds selling to raise cash which hurts sentiment & markets.

US Market: US markets see another day of the volatile day as Dow Jones closes flat after being up over 250 points till last hour bout of profit booking.

Nasdaq closes lower by 40 points even as Russell 2000 index closes with gains for 2nd straight day. Money shifting into cyclical as growth stocks see profit booking, with yields remaining unchanged @ 1.91%.

Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ where steel stocks led the gainers while broader markets outperformed.

Most other Asian markets will also see catch up to the global cues where monetary adjustment from ultra-low rates dawns on most Central banks. Value overgrowth seems to be the trend globally as expensive growth stocks see profit booking.