SGX Nifty indicates negative opening for Indian markets

21 Feb 2022 , 07:50 AM

SGX Nifty is at 17,226.20 levels, lower 101.40 points. (Updated at 7:50 AM)

The Nifty saw another day of consolidation as foreign selling continues to dampen sentiment while local mutual fund flows to balance the outflows leaving the markets flat.

The index again saw intraday swings to trade higher by almost 100 points before closing lower by 28 points.

Bank Nifty closed in the green-up 67 points as Axis & Kotak bank led the gainers. The other leaders were Coal India, HDFC & SBI Life, while Divi’s Lab, Cipla, and Ultratech led the losers.

The breadth was negative with the Nifty midcap 100 index closing lower by 0.90%.

US Market: US markets see the worst week of the year as geopolitical risk sees Dow Jones fall another 200 points on Friday with Nasdaq also losing over 168 points.

Bond yields trade near 1.92% even as the US$ index traded @ 96, while oil prices rebounded from Friday’s lows to trade near US$92. Futures trade higher as French President has a positive dialogue with Russian President for further summit talks this week.

Asian Market: Asian markets opened lower led by the Japanese ‘Nikkei’ which was trading lower by over 250 points in early trade.

Most other Asian markets will take cues from the constant rhetoric over Russia/Ukraine and the effect of diplomatic solutions to end the tussle by most European partners.

Chinese stocks could be good contrarian plays as they are relatively secluded from the present imbroglio and offer a good opportunity on very reasonable valuations.