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SGX Nifty Down 163 Points; Indicates Gap-Down Opening for Indian Stock Markets
Mon, 20 Sep SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:15 am, it was trading down by 163 points, or 0.9% lower at 17,442 levels.

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

Asian stock markets are trading on a mixed note today ahead of a week with as many as dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

The Hang Seng is trading down by 3.4%. Major markets - Japan, China and South Korea are closed today.

In US stock markets, Wall Street indices closed sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta Covid variant, and possible shifts in the Federal Reserve's timeline for tapering asset purchases.

All three major US stock indexes lost ground, with the Nasdaq Composite Index suffering the biggest decline as rising US Treasury yields pressured market-leading growth stocks. They also posted weekly losses, with the S&P index suffering its biggest two-week drop since February.

The Dow Jones Industrial Average fell 168.2 points, or 0.5%, the S&P 500 lost 41.1 points, or 0.9% and the Nasdaq Composite dropped 138 points, or 0.9%.

Investors across the world will be eyeing the Federal open market committee (FOMC) meet this week for clarity on the outlook for tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has been in focus this year, their view on interest rates will likely be the fresh triggers to move markets world over.

US stock futures are trading on a negative note today with Dow Futures down by 202 points.

Gold prices inched lower today, pressured by a firmer dollar, while investors awaited guidance from the US Federal Reserve on when it is likely to start withdrawing its bond-buying programme.

Crude oil prices fell today, extending losses from Friday after the US dollar jumped to a three-week high and the US rig count rose, although nearly a quarter of US Gulf of Mexico output remained offline in the wake of two hurricanes.

Back home, Kotak Mahindra Bank and Biocon Biologics will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader, Vijay Bhambwani talks about a critical aspect of trading.

You can watch the video here: Millionaire Trader Mindset

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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