SGX Nifty is at 11,679.80 levels, up 86.80 points. (Updated at 7:36 AM)
The Nifty saw a positive start and got sold into as very weak US futures saw short sellers get active & pull down the index to 1 month lows with most futures trading at a discount on the 1st day of the new series.
Last hour buying by local funds saw the index pullback smartly to close lower by 29 points, however the sentiment remains weak after the sharp fall in both US & European markets last week.
GST collection, auto sales for October all point to robust comeback spending by the consumer which should see more positive traction for markets this week.
US Market: US stocks see worst week in over 4 months as Dow Jones falls over 6% while Nasdaq falls close to 5%.
Bond yields surprisingly end with strength on expectations of big stimulus package with 10 year closing close to 0.84%.
US$ sees some strength as Euro further weakens as most large economies go for partial lcokdown.
Asian Market: Asian markets opened with gains with the Japanese Nikkei leading the gainers up over 300 points in early trade, as most uncertainty in US & Europe gets priced in on both rising Covid & elections results.
Asian markets will see more flows directed towards ETF as they offer better near term opportunities.
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