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SGX Nifty indicates a flat opening for Indian Markets


SGX Nifty is at 11,573.00 down 9 points. For today, expect another volatile day as the broader markets see better traction on the upside.

Nifty saw a sharp rally after many days of decline as local buying outweighed foreign selling & the strength in rupee saw largecap stocks gain ground. The broader markets also participated with the midcaps joining the rally. Auto, media & metals were star outperformers, while select IT & consumption stocks saw selling.

Global Market: Asian indices opened mixed with select markets seeing gains even as the Japanese 'Nikkei' traded flat due to US$ weakness which bode bad news for Japanese exporters. The cut in US rates later this month should augur well for most Asian markets as a weaker US$ will see flows get stronger in emerging markets. For today, expect some more color on Chinese markets with the Hong Kong markets looking to close the week with gains.

US Market: US markets closed higher with Dow Jones crossing 27,000 as euphoria over stocks drove prices higher. Bond yields fell as Federal Reserve Chairman reiterated the cut in rates, which saw the US$ fall. Oil prices corrected even as the threat of a hurricane saw buying at lower levels.
FII/DII Data: In yesterday’s trading session FIIs sold 317 crores worth of stock in cash whereas DIIs bought 720 crores worth of stock. In the derivative market, FIIs bought 572 crores of Index futures and bought 1865 crores worth of Index options. In the Stock futures segment, FIIs bought 870 crores worth of stock futures and bought 66 crores stock options.

FII View: In Index futures segment, FIIs index future long/short ratio stood at 0.9x with a marginal unwinding of short positions. Moreover, on the Index option’s front, across the board unwinding of positions were seen on account of weekly expiry.

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* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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