SGX Nifty indicates negative opening for Indian markets

28 Feb 2022 , 07:48 AM

SGX Nifty is at 16,681.00 levels, lower 240.25 points. (Updated at 7:48 AM)

The Nifty saw a smart recovery on Friday as oversold levels saw short covering/value buying as local mutual funds bought with retail flows also seeing buying interest.

Realty, banks, and metals lead the gainers with the Nifty smallcap 100 index closing higher by over 4.84%.

The breadth was positive with gainers outnumbering losing as markets saw a strong recovery.

US Market: US markets on Friday see their best rally on Dow Jones since November 2020 as the index closes higher by nearly 850 points while Nasdaq jumps over 220 points.

This as oversold levels see buying interest with expectations of Russian conflict being short-lived. Bond yields trade near 1.93% while oil prices fall on profit booking.

Asian Market: Asian markets opened mixed with weekend hostility by Russia raising fears of escalation as President Putin readies Nuclear arsenal.

The Japanese ‘Nikkei’ was trading higher after a weak opening as markets reacted to news flow on a minute-by-minute change in Russian stances.

US futures also traded lower as sanctions on Russian banks could see currency weakness globally against the Russian ‘ruble’.