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SGX Nifty Up 160 Points; Indicates Gap-Up Opening for Indian Stock Markets
Mon, 23 Aug SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 160 points, or 1% higher at 16,580 levels.

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

Asian stock markets were trying to pick up the pieces today following last week's thrashing as coronavirus concerns showed little sign of abating, while safe-haven flows benefited the dollar ahead of a key update on US monetary policy.

The Hang Seng and the Shanghai Composite are trading up by 2.4% and 1.2%, respectively. The Nikkei is trading up by 1.7%.

In US stock markets, Wall Street indices closed higher on Friday, but still ended with losses for the week on fears over the spread of the coronavirus delta variant, the imminent tapering of Federal Reserve bond buying, and China's restrictions on its economy.

While the S&P 500 and Nasdaq Composite managed to rise on Thursday and Friday, their gains weren't enough to offset declines from earlier in the week.

Losses were particularly steep among shares of economically sensitive companies such as banks, materials companies and energy producers.

The Dow Jones Industrial Average rose 226 points, or 0.7%, while the S&P 500 climbed 35.9 points, 0.8% and the Nasdaq Composite advanced 172.9 points, or 1.2%.

US stock futures are trading on a positive note today with Dow Futures up by 116 points.

Gold prices inched lower today as the dollar held near recent highs, although the losses were limited by growing concerns over the economic fallout from the spread of the Delta coronavirus variant.

Crude oil prices reversed out of a seven-day losing stretch today as investors punted on crude at bargain levels, though lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer US dollar to limit gains.

Back home, Aarti Industries and CarTrade Tech will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, Vijay Bhambwani shares the immediate impact of the Taliban on the Indian stock market.

You can watch the video here: How the Taliban Changed our Markets

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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