SGX Nifty indicates positive opening for Indian markets

23 Feb 2022 , 07:56 AM

SGX Nifty is at 17,259.20 levels, higher 56.70 points. (Updated at 7:57 AM)

The Nifty saw another day of high volatility with the index swinging over 305 points before closing lower by 114 points. Bank Nifty also saw intraday moves of 800 points before closing down 300. The foreign selling continues to hurt sentiment while strong flows from local mutual funds saw a recovery in the markets. Select auto led by M&M, Hero Moto & Eicher led the gainers while Tata Steel, TCS & Tata Motors led the losers. The breadth was expectedly negative with small cap stocks seeing collateral damage.

US indices: US markets close another volatile day with losses as markets adjust to new sanctions on Russia with oil prices hitting 7-year highs. Bond yields climb to 1.86% even as most countries try for diplomatic solutions to Russia/Ukraine’s tensions.

US futures rise in tandem with other Asian markets as event risk gets priced in.

Asian indices: Asian markets opened in the green led by the South Korean and Taiwan markets which after a hard day yesterday saw a bounce back. The Japanese ‘Nikkei’ is closed for a holiday and so expect more colour from Chinese stocks. The Central Bank of China pumped more liquidity into banks to revive the growth momentum which is in sharp contrast to other Central banks which are in tightening mode. This should bode well for reality Companies that are looking for funds to restart the cycle for housing.