SGX Nifty indicates negative opening for Indian markets

24 Mar 2022 , 07:45 AM

SGX Nifty is at 17,203.00 levels, lower 52.65 points. (Updated at 7:45 AM)

Nifty saw a smart start with global cues to hit fresh 2 month highs, however, a spike in cues saw profit booking with the index closing down 69 after being up 174 in intraday trade.

Bank Nifty also saw swings of over 800 points before closing down 200 points.HDFC Bank, HDFC, Kotak Bank & Brittania were the main losers while Divi’s lab, Dr. Reddy, Hindalco & Tata Steel led the gainers.

US Market: US markets see weakness after a sharp rally as the fresh spike in oil prices sees inflation expectations sell stocks related to financials.

Nasdaq also sees weakness after a superb rally of almost 13% in less than 10 days. Oil prices spike to hit US@122 as geopolitical tensions see supply disruption issues.

Asian Market: Asian markets opened weakly in sync with the US cues as the Japanese ‘Nikkei’ slipped over 300 points in early trade after an almost 1700 points rally in the last 7 days.

Most Asian markets have seen an excellent comeback in the past week & will see profit booking as markets react to oil & geopolitics.