SGX Nifty indicates positive opening for Indian markets

3 Mar 2022 , 07:52 AM

SGX Nifty is at 16,663.80 levels, higher 6.00 points. (Updated at 7:52 AM)

The Nifty saw a sharp cut intraday of over 310 points before last hour recovery saw the index close lower by 185 points.

Banks were the main culprits with the Bank Nifty closing lower by 830 points before being down over 1300 points in intraday trade. HDFC, ICICI & Bandhan were the main losers while metal stocks continued to outperform led by Tata Steel, JSW Steel & Sail.

Hindalco, Coal India & SBI Life were the other main gainers. Mid cap index surprisingly was up with the Nifty next 50 closings higher by 0.03%.

US Market: US markets saw a smart rally with Dow Jones climbing over 700 points intraday before closing higher by 596.

Nasdaq also rose over 220 points while the star was the Russell 2000 index which closed higher by 2.7% indicating the outperformance of the broader markets.

This is as Federal Reserve Chairman Powell assures a 25 basis points hike in March.

Asian Market: Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up 200 points in early trade as markets saw a tepid response to the US rally overnight.

The Australian & New Zealand markets were in much better spirit as GDP numbers bear expectations with South Korea also joining the rally. Chinese stocks seem to be the contrarian bets as a spurt in commodities could see select outperform.