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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News February 8, 2021
SGX Nifty Up 86 Points; Indicates Firm Opening for Indian Stock Markets Mon, 8 Feb SGX Nifty
The SGX Nifty opened on a positive note today.
At 8:10 am, it was trading up by 86 points, or 0.6% higher at 15,030 levels.
Trends on SGX Nifty indicate a firm opening for Indian stock markets.
Asian stock markets are trading on a positive note today, extending all-time highs, as investors monitored comments from Janet Yellen pushing a US stimulus bill as well as an improvement in coronavirus trends.
Treasury Secretary Yellen said on Sunday talk shows that the US can return to full employment in 2022 if it enacts a robust enough relief package.
The Hang Seng is trading up by 1.1% while the Shanghai Composite is up 0.1%. The Nikkei is trading higher by 2.1%.
In US stock markets, Wall Street indices extended their rally on Friday boosted by optimism over earnings, stimulus talks and progress on vaccine rollouts.
The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's US$ 1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority.
Both, the Dow Jones Industrial Average and S&P 500 rose for a fifth straight session in their longest streak of gains since August, while the S&P 500 and Nasdaq posted record closing highs for a second day in a row.
The Dow Jones Industrial Average rose 92 points, up 0.3%, while the Nasdaq Composite gained 0.6%. For the week, the Nasdaq surged 6% and the Dow added 3.9%.
US stock futures rose today, as the major averages looked to accelerate gains following the best week since November. Dow Futures are trading up by 121 points while Nasdaq Futures are trading higher by 84 points.
Here are the key events due later this week:
- India - M3 Money Supply - Wednesday
- US - Crude Oil Inventory - Wednesday
- US - Initial Jobless Claims and Natural Gas Storage - Thursday
Back home, Hero MotoCorp and ITC will be among the top buzzing stocks today.
In our new video series called Momentum Moves, Brijesh Bhatia talks about how the charts say that the Nifty rally will likely pause this week.
As per Brijesh, we might see Nifty reversing from the resistance zone of 15,070-15,450.
You can watch the video here: Nifty: The Music Will Stop
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
Indian Share Market Update: Top Gainers and Losers
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