SGX Nifty indicates a flat opening for Indian markets

SGX Nifty is at 12,267, down by 12 points.

Nifty closed the session flat after seeing huge intra day profit booking as Reliance led the index lower, being the biggest loser in the market. The Government flip-flops on giving approval to the Saudi Aramco deal saw some large investors book profit as local funds again sold aggressively. The foreign flows however, remained unfazed by the continuing rally and continued to be large buyers of large caps with attention focussing on select auto and consumer stocks along with metals.

US Market: US stocks expected to see profit booking as Santa rally drives indices to all time new highs. China assures of reducing tariffs in New Year, which sees US stocks meander between positive and negative, as metals drive commodities to highs in expectations of demand resurrection.

Asian Market: Asian indices are expected to trade range bound with some markets seeing profit booking ahead of the Christmas holidays. Bond yields remained range bound as did oil with middle east tensions subsiding. Asian markets will see more ETF flows as weaker US$ bodes well for emerging markets with Asia, ex-Japan being the best destination.

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