SGX Nifty indicates negative opening for Indian markets

22 Apr 2022 , 07:30 AM

SGX Nifty is at 17,187.50 levels, lower 226.50 points. (Updated at 8:37 AM)

The Nifty saw a smart short-covering/value buying session as positive buying by local funds & much-reduced selling by the foreign investors saw the index close higher by 250 points. Bank Nifty also saw a strong rebound closing higher by over 500 points. This as HDFC twins led the gainers with Reliance hitting fresh new all-time highs which saw the index cross 17400.Mid caps also saw gains as the Nifty smallcap 50 indexes closed higher by 1.55%.

US markets: US markets see a sharp selloff after 3 days of superb gains with Federal Reserve Chairman talking down the markets with a ‘hawkish’ outlook on rates. This saw Dow Jones close lower by over 350 points after being up over 300 points in intraday trade. Nasdaq also saw huge swings being up 250 before closing down 270 as Powell’s talk confirms a 50 basis points hike in May.

Bond yields closed close to 2.96% which is a level last seen in 2018.

Asian markets: Asian indices opened weak with the US markets seeing a huge intraday sell-off as the Federal Reserve Chairman confirms ‘their hawkish stance on rates. The Japanese ‘Nikkei’ was trading lower by over 500 points in early trade with other regional markets also trading in the red.

Chinese stocks have been under pressure after the fresh Covid outbreak & could see some action as they see the Government package to instil liquidity into the system benefit Corporates.