SGX Nifty is at 14,351.00 levels, lower 54.30 points. (Updated at 7:42 AM)
The Nifty saw a volatile opening with the index trading lower by over 160 points before huge short covering/value buying saw the index gain over 273 points to close higher by 110 points.
Bank Nifty saw intraday swings of over 1279 points before closing higher by 670 points.
Large-cap banks like ICICI, Kotak & HDFC led the gainers with steel stocks also joined the rally.
Profit booking was witnessed in pharma & IT stocks as markets saw mid cap stocks see more buying interest.
US Market: US stocks close with losses as President Biden proposes much higher capital gains tax on rich as a need for countering Covid & children relief fund.
Dow Jones falls over 300 points while Nasdaq closes lower by 130 points.
Bond yields give up intra day gains to trade near 1.54%.
Asian Market: Asian markets opened weak after the sell-off overnight in the US with the Japanese Nikkei trading lower by 200 points in early trade.
Yesterday most Asian stocks rallied very strongly & today could see some consolidation as the US reaction was more knee jerk & could see stability in next few days.
Chinese stocks will again be in action as data from exports shows better than expected gains which could see more traction for mid caps.
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