SGX Nifty indicates negative opening for Indian markets

7 Apr 2022 , 07:57 AM

SGX Nifty is at 17,770.20 levels, lower 89.95 points. (Updated at 7:55 AM)

Nifty saw a 2nd day of weakness as the HDFC twins saw selling pressure with mutual fund ownership now seeing reduction as rebalancing takes place. They were the sole reason for the sharp correction as both combined command high weightage on the indices.

Midcaps were roaring for 3rd day running with the Nifty midcap 100 index up 0.60% against a 0.60% fall in Nifty. Metals & PSU banks led the gainers while financial services & IT were the main losers.

US Market: US markets see weakness as Federal Reserve minutes indicate faster than expected contraction of the balance sheet which sees Nasdaq lose another 300 points while Dow Jones closes lower by 140 points.

Bond yields fall to 2.58% while oil prices see sharp decline with WTI crude trading @ US$99.

Asian Market: Asian indices opened in the red led by the Japanese ‘Nikkei’ as rating agencies downgrade the growth expectations due to the rise in inflation & geopolitical risk.

The “Nikkei’ was trading lower by over 500 points in early trade with most other technology-heavy indices trading lower.

The reopening of Hong Kong after the Covid recurrence is seeing business get better with stocks now seeing contrarian buying from foreign investors.