SGX Nifty indicates negative opening for Indian markets

24 Feb 2022 , 07:55 AM

SGX Nifty is at 16,820.20 levels, lower 80.30 points. (Updated at 7:55 AM)

The Nifty saw another day of high volatility as we head into the expiry of derivative contracts today.

The index swung over 200 points before closing lower by 28, while Bank Nifty also gave up gains of over 400 points to close flat.

The breadth was positive as mid-caps saw positive traction while the index remained range-bound. Reality, media & PSU banks saw gains while IT & auto saw profit booking.

US Market: US markets close with losses as markets in fear mode over impact of war tensions along with Federal Reserve tightening on rates.

Dow Jones closes @ 3 month lows down over 450 points while Nasdaq now doen over 18% from highs as it closes down over 2.5%. Bond yields close near 1.96% while US$ closes higher @ 96.34.

Asian Market: Asian markets opened in the red led by the US sell-off as markets turned nervous over the outcome of sanctions & rise in oil prices which could fuel inflation further.

The Japanese ‘Nikkei’ was trading down over 250 points in early trade with South Korean & Taiwan markets also down over 1%. The other worry is the effect on cross border trade as Russia is a large trade partner with most European countries.

Chinese stocks could buck the trend as they are best suited to take advantage of this turmoil.