Monday, 6 May 2019

SGX Nifty Indicates A Negative Opening For Markets

Posted by suhani varma on Monday, May 06, 2019 with No comments


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SGX Nifty is trading at 11,706 levels, down 55 points. For today, we expect a weak opening as global cues dominate, however, the sharp fall in oil could see rupee get stronger and see banks, OMCs, and energy users to gain.

Nifty saw a volatile day on Friday with the index closing near 11700 as FMCG, IT, and pharma stocks dragged the Nifty lower on the back of a stronger rupee. Banks, reality, and selected auto stocks gained as contrarian buying saw falls being bought in the auto.

Global markets: Asian markets opened weak after President Trump resumed threats to raise tariffs on US$200 billion on Chinese products. Trade talks moved slowly and could see further talks get delayed as China reacts to the same. The other negative was North Korea again test firing missiles which saw Asian indices trade weak. 

US Market: US indices see the sharp rally on Friday as jobs growth hits the highest level in over 10 years with wage rise lower than expected. President Trump resumes 'twitter' war threatening to raise tariffs on Chinese products which sees Dow Jones futures dip sharply with oil also witnessing huge fall.

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