SGX Nifty indicates muted opening for Indian markets

17 Feb 2022 , 07:38 AM

SGX Nifty is at 17,368.50 levels, lower 8.00 points. (Updated at 7:38 AM)

The Nifty saw another day of high volatility as the index gyrated over 233 points before closing lower by 30, while Bank Nifty saw swings of over 700 points before closing lower by 216.

This as news flow in last hour on Russian army pullout was denied by NATO which saw market sell-off.

Banks led the losers with SBI & ICICI seeing the biggest losses while Divis’s lab, ONGC & Adani Port led the winners. Nifty smallcap 100 index bucked the trend & closed higher by over 0.72%.

US Market: US markets see a volatile session which sees Dow Jones recover from lows of 340 to close down 40 while Nasdaq recovers from low 220 to close down 15.

Bond yields close near 2.02% while oil sees profit booking to close lower after seeing fresh highs on Ukraine news unrest. Federal Reserve minutes indicate gradual rate increases to control inflation which sees markets rebound from lows.

Asian Market: Asian markets opened muted after a superb rally yesterday as markets digest the ongoing news flow on Ukraine/Russia & the Federal Reserve action expected in early March.

The Japanese ‘Nikkei’ which rose 600 points yesterday was down 100 in early trade while South Korean & Taiwan indices traded in the green.

Chinese stocks should see the mixed reaction as they offer good opportunities as contrarian plays when global geopolitical uncertainty persists.