SGX Nifty is at 17,419.50 levels, lower 66.00 points. (Updated at 7:42 AM)
The Nifty saw a superb rally with Reserve Bank being extra ‘dovish’ in its policy outlook & seeing inflation moderating by the next 3 months which saw then leave rates unchanged.
This saw bond yields fall & banking stocks lead the markets higher with the Nifty closing up 140 points while Bank Nifty gained 400 points.
The broader market also saw gains as sentiment was strong after the policy meeting.
US Market: US markets see a big sell-off as inflation hits 7.5% or a 40 year high with bond yields hitting 2.03%.
Dow Jones falls over 500 points while Nasdaq closes lower by over 300 points. US$ closes unchanged near 95.51, while oil prices rise moderately with stocks seeing weakness across the board.
Asian Market: Asian markets opened in the red with Taiwan & South Korean markets seeing profit booking as technology stocks see selling pressure.
With the Japanese ‘Nikkei’ closed for a holiday expect Chinese stocks to dominate the trend in Asia. Metals have seen a stellar run in the last week & could be subject to profit booking.
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