SGX Nifty Down 63 Points; Indicates Negative Opening for Indian Stock Markets

Mon, 7 Feb SGX Nifty

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The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 63 points, or 0.4% lower at 17,426 levels.

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

Asian stock markets are trading on a mixed note today after strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.

Geopolitics also remained a worry as the White House warned Russia could invade Ukraine any day and French President Emmanuel Macron prepared for a trip to Moscow.

The Hang Seng is trading down by 0.5%, while the Shanghai Composite is trading up by 1.9%. The Nikkei is trading down by 0.8%.

In US stock markets, Wall Street stocks finished mostly higher on Friday following a surprisingly good US jobs report that raised expectations for aggressive tightening in monetary policy.

Also, Amazon led the S&P's and Nasdaq's gains, as it jumped 13.5% on strong quarterly earnings and cloud revenue beats. Friday's surge was also Amazon's biggest one-day gain since 2015.

The Dow Jones Industrial Average inched lower by 21.4 points, or 0.1%, while the tech-heavy Nasdaq Composite climbed 1.6%.

For the week, the S&P 500 1.5% higher, and the Nasdaq rose 2.4%. The Dow ended the week up 1.1%. These gains mark the second weekly advances of 2022 for the major averages - which were under pressure last month as worries of higher interest rates dragged down tech names.

US stock futures are trading on a positive note today with Dow Futures down by 83 points.

Major events to track this week - RBI's Monetary Policy Committee (MPC) meeting, quarter three earnings, US inflation data, among other global cues.

Gold prices rose today, as growing worries over broadening price pressures lifted the metal's appeal as an inflation hedge and helped cushion pressure from higher US Treasury yields after a surprisingly upbeat jobs report.

Crude oil prices rose today, reversing earlier losses, as investors kept bullish sentiment on expectations that global supply would remain tight as demand picks up and shrugged off signs of progress in the US-Iran nuclear talks.

Back home, Shree Cement and Indigo will be among the top buzzing stocks today.

In his latest video, India's #1 trader Vijay Bhambwani shares his view on the dilemma faced by veteran traders in this market, in his latest video for Fast Profits Daily.

A certain category of traders, the veterans, are finding it difficult to comprehend the new age markets. But why?

You can watch the video here: A Veteran Trader's Dilemma in a Euphoric Market

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.

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