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SGX Nifty Tanks 174 Points; Indicates Gap-Down Opening for Indian Stock Markets
Fri, 1 Oct SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 174 points, or 1% lower at 17,438 levels.

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

Asian stock markets started October on the back foot, after their US peers capped their biggest monthly selloff since March 2020 with further losses.

The Nikkei is trading down by 2.1%. China begins a week-long holiday and Hong Kong's market is shut today.

In US stock markets, Wall Street indices fell on Thursday even after confirmation that the House passed a nine-week spending bill to avert a US government shutdown.

After climbing steadily for much of the year, the stock market became unsettled in recent weeks with the spread of the more contagious delta variant of Covid-19, a sudden spike in long-term bond yields and word that the Federal Reserve may start to unwind its support for the economy.

The Dow Jones Industrial Average fell 547 points, or 1.6%, while the Nasdaq Composite dipped 0.4%. The Dow and the Nasdaq recorded their worst months in 2021.

US stock futures are trading on a negative note today with Dow Futures down by 210 points.

Gold prices eased today after rallying to a one-week high above the key US$1,750 level in the previous session, as the dollar rebounded and made the metal expensive for holders of other currencies.

Crude oil prices dropped today on the prospect that the organization of the petroleum exporting countries (OPEC+) supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil.

Back home, TCS and Tera Software will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader, Vijay Bhambwani shares how to pick the best hotel stocks.

You can watch the video here: How to Pick the Best Hotel Stocks

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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