SGX Nifty indicates negative opening for Indian markets

7 Mar 2022 , 07:50 AM

SGX Nifty is at 15,841.80 levels, lower 239.25 points. (Updated at 7:50 AM)

The Nifty saw another day of weak trade as geopolitical risk along with foreign selling unabated saw the index sink to 4-month lows with across the board selling in oil sensitive stocks.

Asian Paints, Titan, Hero Moto & Maruti led the losers while Dr. Reddy, Tech M & ITC led the handful of gainers. The mid-cap index also saw weakness as collateral selling saw the index close lower by over 2%.

US Market: US markets see further weakness on Friday as escalation on Nuclear facility sees near term panic in most global equity markets.

Dow Jones falls over 540 points before closing lower by 179 while Nasdaq sees further weakness to close lower by over 220 points.

Bond yields fall to 1.69% even as crude rises to 10 year high @ US$ 128 for Brent as the US bans import of Russian oil.

Asian Market: Asian markets opened in the red led by the Japanese ‘Nikkei’ which was trading lower by over 800 points in early trade as a spike in crude sees globally markets scramble for cover.

This has seen mostly all Asian markets get hurt as major importers to see huge underperformance. Chinese stocks may see contrarian buying as they could be the only beneficiary of closeness to Russia in these times.