SGX Nifty Down 122 Points; Indicates Gap-Down Opening for Indian Stock Markets

Mon, 24 Jan SGX Nifty

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The SGX Nifty opened on a negative note today.

At 8:00 am, it was trading down by 122 points, or 0.7% lower at 17,540 levels.

Trends on SGX Nifty indicate a gap-down opening for Indian stock markets.

Note that the SGX Nifty recovered 100 odd points from the levels of 17,400 it touched over the weekend.

Asian stock markets fell today on the expectation that the Federal Reserve will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years.

The Hang Seng and the Shanghai Composite are trading down by 1.2% and 0.5%, respectively. The Nikkei is trading down by 0.6%.

In US stock markets, Wall Street's main indexes fell on Friday, with the Nasdaq set for its fourth straight day of declines after a weak forecast from Netflix sent its shares along with other streaming companies spiraling lower.

Netflix Inc plunged 22.7% after the streaming giant fell short of market forecast for new subscribers at the end of last year and offered a downbeat outlook for early 2022.

Inflation fears and concerns about the impact of higher interest rates also dampened investor sentiment.

The Dow Jones Industrial Average fell 450 points, or 1.3%, while the technology-focused Nasdaq Composite dipped 2.7% or 385 points.

The Fed on Wednesday is expected to signal a March lift off in interest rates and balance-sheet reduction later this year to help fight inflation.

US stock futures are trading on a weak note today with Dow Futures down by 247 points.

Gold was little changed today, as investors awaited the US Federal Reserve's meeting for confirmation on its interest rate hike path, while concerns over inflation and Russia-Ukraine tensions keeping bullion's safe-haven allure intact.

Crude oil prices jumped today as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output.

Back home, PVR and Vedanta will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about the bond market and how it is signaling a positive market trigger.

You can watch the video here: Why the Bond Market is a Billion Dollar Market Trigger

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!

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