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SGX Nifty Up 80 Points; Indicates Firm Opening for Indian Stock Markets
Fri, 8 Jan SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:20 am, it was trading up by 80 points, or 0.6% higher at 14,290 levels.

Trends on SGX Nifty indicate a firm opening for Indian stock markets.

Asian stock markets opened higher today, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.

The Hang Seng is trading up by 0.7% while the Shanghai Composite is up 0.1%.

US stock markets rose to all-time highs on Thursday as Congress confirmed the election of Joe Biden as president and traders looked past the unrest in Washington.

Sentiment also got a boost after the Institute for Supply Management said its index for nonmanufacturing activity in the US rose to 57.2 in December from 55.9 in November.

The Dow Jones Industrial Average ended up by 0.7% while the Nasdaq ended up by 2.6%, rising above the 13,000-mark.

Thursday marked the Nasdaq's first-ever close above 13,000. It was also the first time the Dow and S&P 500 ended a session above 31,000 and 3,800, respectively.

US stock futures are trading higher today. Dow futures are trading up by 114 points while Nasdaq futures are trading up by 32 points.

Crude oil prices edged higher today. Oil traders continued to focus on Saudi Arabia's pledge to deepen production cuts.

Brent crude settled up 8 cents to US$ 54.38 a barrel after touching US$ 54.90, a high not seen since before the first COVID-19 lockdowns in the West.

Here are the key events due later today:

  • India - Forex Reserves
  • India - Fiscal Deficit
  • EU - Unemployment Rate

Back home, Sobha and Bandhan Bank will be among the top buzzing stocks today.

IT major Tata Consultancy Services (TCS) is among the five companies scheduled to announce their December quarter earnings today.

TCS is likely to post a robust performance for Q3FY21 on the back of strong demand in cloud adoption, tailwinds of large digital deals, project ramp-up and lower furloughs.

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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