SGX Nifty indicates negative opening for Indian markets

22 Feb 2022 , 07:58 AM

SGX Nifty is at 17,046.00 levels, lower 82.00 points. (Updated at 7:58 AM)

The Nifty saw another day of consolidation as the index gyrated over 280 points from low to high before closing lower by 70 points.

This as geopolitical news kept rumors flying high to see huge market swings. Foreign investors continue to sell which will see a range-bound index as sentiment remains weak.

Bank Nifty was the star closing in the green with gains from HDFC & ICICI Bank. The other gainers were Wipro & Infy while on the losing side were Hindalco, Adani Port, Divi’s lab & UPL.

Mid caps were under pressure as the derivative expiry for the February series saw pressure on rollovers.

US Market: US markets closed for holiday see futures fluctuate as Russian/Ukraine tension news keeps markets jittery. Talks of a meeting between President Biden & Putin see rebuttal which saw global markets turn negative.

Oil prices spike as Russia sends troops into the breakaway states of Ukraine. Bond yields trade @ 1-month lows near 1.87%.

Asian Market: Asian markets opened lower led by the Japanese ‘Nikkei’ as the escalation of geopolitical risk sees equities under selling pressure.

The rise in oil prices may be temporary as Iran is well on its way to complying with the US on nuclear disarmament which could pave the way for more supplies by month-end.

Asian markets will react to news flow with weakness in equities as money shifts to Gold as safe haven.