SGX Nifty indicates flat to positive opening for Indian markets; Global cues positive

1 Feb 2022 , 07:55 AM

SGX Nifty is at 17,505.20 levels, lower 13.55 points. (Updated at 7:55 AM)

The Nifty saw a strong bout of buying/short covering in futures with local funds seeing very good reception of the Economic Survey before the Union Budget today.

The economic recovery coupled with improvement in Government tax collections could see a growth-oriented budget today.

IT, pharma, PSU banks & auto led the gainers while profit booking was seen in select large-cap private banks & FMCG.

Mid-caps also saw gains with the Midcap 100 index rising over 1.67%.

US Market: US markets see a superb comeback 2nd day running as Nasdaq leads the gainers with another 460 point rally while Dow Jones does over 400 for 2nd day running.

US bond yields close near 1.78% while US$ sees selling pressure to close @ 96.65. Emerging markets led by Russia & Brazil see over 7% gains in the past volatile week.

Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ which traded higher by over 250 points as commodities led by steel stocks saw gains.

Australia & New Zealand markets also saw gains as the Chinese Lunar year holidays ses most other markets remain closed.

The undertone remains positive with oversold markets & fall in Covid cases now seeing near term return of demand in most countries as supply chain gets restored.