SGX Nifty indicates negative opening for Indian markets

24 Jan 2022 , 07:38 AM

SGX Nifty is at 17,530.00 levels, lower 132.00 points. (Updated at 7:38 AM)

The Nifty saw a weak close for the week with the index losing on all 4 days starting Tuesday closing near 17600.

Bank Nifty was the main loser after seeing outperform for the past 2 days as it succumbed to foreign selling closing lower by 275  points.

Foreign ETF outflows continue to see an unabated sell-off with the week seeing the largest selling in over 2 months.

Mid caps also saw collateral selling pressure to close lower by over 2.5%. ICICI bank results could see some pullback in banks as results beat the street on all counts.

US Market: US markets see no let-up with the worst week since March 2020 as Dow Jones falls another 400 points while Nasdaq now corrects over 14% from November highs.

Bond yields hold near 1.77% even as oil sees rebound as colder weather & low US inventories see demand rise.

Federal Reserve action this week will dictate the outcome of the expected March rate hike which could see bonds & stocks react to near & longer term.

Asian market: Asian markets opened weak with the Japanese ‘Nikkei trading lower by 200 points while the Taiwan and South Korean markets see further weakness as cues to technology stocks sell-off in the US.

Chinese rate cut has seen the Hong Kong market react positively with the index seeing gains for 2nd week after seeing a huge sell-off in the last 3 months.