SGX Nifty indicates positive opening for Indian markets

2 Mar 2022 , 07:45 AM

SGX Nifty is at 16,549.80 levels, higher 47.80 points. (Updated at 7:45 AM)

The Nifty saw a smart recovery on Monday as morning selling was absorbed with late end short covering seeing the index close higher by over 135 points seeing intraday volatility of over 456 points.

The Bank Nifty however closed in the red down 225 as financials saw selling with Axis Bank and HDFC Bank leading the losers.

The Nifty was up mainly due to buying in Reliance, Infosys, and ICICI Bank, while metals lead the big gains with Hindalco & Tata Steel.

For today expect another day of volatility as global cues turn negative.

US Market: US markets fall as geopolitical tensions see escalation with oil hitting 7-year highs at US$ 107.

Bond yields fall sharply to 1.74% with the US$ index seeing strength as the Russian rouble hits 10-year lows. European markets worst hit with German banks having maximum exposure to Russian assets.

Asian Market: Asian markets opened weak after yesterday’s fall in European and US markets as markets assess the collateral damage of sanctions on Russia with most European banks.

The Japanese ‘Nikkei’ was down over 350 points while other markets traded mildly lower as they access the news flow changes.

Australian markets bucked the trend & traded higher as GDP growth came above pre-Covid levels which boosted sentiment.