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SGX Nifty Up 114 Points; Indicates Gap-Up Opening for Indian Stock Markets
Fri, 29 Jan SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:10 am, it was trading up by 114 points, or 0.83% higher at 13,955 levels.

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

Benchmark indices are likely to open higher ahead of the economic survey to be presented later today. As per reports, the government may present the economic survey today with the theme 'short-term pain for long-term gain'.

Asian stock markets followed US peers after steps to curb volatile retail-trader speculation and solid corporate earnings eased nerves on Wall Street. The dollar was set for its biggest weekly climb since October.

The Hang Seng is trading up by 0.2% while the Shanghai Composite is down 0.1%. The Nikkei is trading higher by 0.1%.

US stock markets jumped on Thursday, roaring back from a sharp sell-off on Wall Street that saw the S&P 500 and the Dow Jones Industrial Average suffer their worst drop in three months.

The Dow Jones Industrial Average ended up by 1% while the tech heavy Nasdaq ended higher by 0.5%.

Market had suffered steep declines in the previous session, with the S&P 500 and the Dow posting their biggest one-day decline since October, as the speculative buying frenzy in heavily shorted stocks kept investors on edge.

On the data front, US gross domestic product (GDP) increased at a 4% pace in the fourth quarter, slightly below the 4.3% expectation from economists surveyed by Dow Jones.

The number of first-time filers for unemployment benefits rose less than expected last week. Jobless claims totalled 847,000 for the week ended January 23.

US stock futures are trading lower today indicating a negative opening for Wall Street indices. Dow Futures are trading down by 105 points while Nasdaq Futures are trading lower by 110 points.

Here are the key events due later today:

  • India - Fiscal Deficit & Infrastructure Output - December
  • Canada - GDP - November
  • Germany - Q4 GDP & Unemployment Rate - January

Back home, HUL and Vodafone Idea will be among the top buzzing stocks today.

Market participants will also track Cipla share price and Dabur share price as these companies are scheduled to announce their December quarter results later today.

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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