SGX Nifty up 120 points; here's what changed for market while you were sleeping

6 days ago 37

Benchmark indices put an end to the five-day losing streak on Thursday even as concerns remained around contagion of financial crisis in the developed world.

"The commentary over the ongoing turmoil in the financial sector would be crucial for the markets. We expect Oil marketing companies, cement and paints stocks to remain in lime light on account of fall in Brent crude price to 15-month low at $73/bbl," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Option data suggests a broader trading range in between 16600 to 17500 zones while an immediate trading range in between 16800 to 17300 zones.

Here's breaking down the pre-market actions:


SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 122.5 points, or 0.72 per cent, higher at 17,145, signaling that Dalal Street was headed for positive start on Friday.

  • Tech View: Technically, the market is oversold, and we may see a bounce up to 17200 with support at 16800-16750. Looking at the global market, there is a possibility of a small bounce, but the overall trend remains bearish.
  • India VIX: India VIX, which is a measure of the fear in the markets, fell 0.48% to settle at 16.21 levels.

US stocks upA strong rebound by financials helped Wall Street's main indexes close firmly positive on Thursday, after some of the country's largest lenders came to the rescue of embattled First Republic Bank.

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