Friday 3 May 2019

SGX Nifty Indicates A Negative Opening For Indian Markets

Posted by suhani varma on Friday, May 03, 2019 with No comments


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SGX Nifty is at 11,746, 10 points. For today, we expect weekend blues to see range bound trade even as OMCs and banks could outperform given the sharp decline in crude.

On Thursday, Nifty saw a volatile day with index gyrating between highs and lows as the rupee strength saw major exporters fall. The Nifty traded between 11699-11789 before closing at 11725, down 23 points. There was major profit booking seen in FMCG, IT, and media as stronger rupee saw bell weather stocks see selling. The buying was mostly in financial services, select auto & banks as lower oil prices bode well for the sector.

Global Market: Asian markets opened flat as weak global cues saw muted start to trading. Overnight sharp fall in oil would see financials perform better even as energy producers see profit booking. All eyes now on trade talks with the next fortnight seeing resolutions being put on the table. Asian indices would trade sideways as earnings calendar plays out with more color from Corporate results.

US Markets: US indices correct another day as markets digest Federal Reserve outlook on rates & inflation going forward. Dow Jones recovers from lows of the day as financials see pull back while energy stocks get pounded. Oil sees sharp correction as US supplies hit fresh highs as higher prices witness an increase in output.

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