SGX Nifty indicates negative opening for Indian markets

6 Jan 2022 , 07:35 AM

SGX Nifty is at 17,836.20 levels, lower 61.25 points. (Updated at 7:35 AM)

The Nifty saw a smart close for the 4th day running as the index almost hit 18000 with gains of over 900 points in 4 days.

Bank Nifty has been the main contributor as it gained over 2800 points rising from 34900 to 37800 in  4 days. Mid caps also joined the party as the index closed higher by over 0.50%.

Bajaj twins, Kotak & ICICI lead the gainers while Tech Mahindra, Infosys & HCL Tech led the losers as money chased banks & saw profit booking in technology.

US Market: US stocks witness a big sell-off as Federal Reserve minutes indicate tapering followed by a rate hike from as early as March which makes markets very vulnerable to withdrawal of easy liquidity.

Dow Jones closes lower by over 390 points while Nasdaq falls a whopping 500 points as profit booking across the board sees the biggest loss of 2022.

Asian Market: Asian markets opened weak with the big US sell-off having a  rub-off effect as most indices traded in the red.

This as the withdrawal of liquidity which has been the main reason for rising in all asset classes mainly equities could see money being taken off the table.

Chinese stocks will also see selling pressure as the “Evergrande’ crisis has seen reality stocks get re rerated.