SGX Nifty Up 50 Points; Indicates Positive Opening for Indian Stock Markets

Mon, 17 May SGX Nifty | Yash Vora, TM Team

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The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 50 points, or 0.3% higher at 14,760 levels.

Trends on SGX Nifty indicate a positive opening for Indian stock markets.

Asian stock markets are trading on a cautious note today ahead of what are expected to be upbeat readings on the Chinese economy.

Industrial output and retail sales are forecast to show hefty annual gains given activity in April last year was badly marred by pandemic lockdowns.

The Hang Seng is trading up by 0.6% while the Nikkei is trading down by 1%. The Shanghai Composite is trading up by 1%.

In US stock markets, Wall Street indices closed higher on Friday as investors took a weaker-than-expected reading of April retail sales in stride, shaking off a tumultuous week that has been marked by growing inflation fears.

But the sharp gains weren't large enough to reverse weekly losses for the major stock benchmarks, after reports on inflation, labour shortages and higher commodity prices raised concerns that the Federal Reserve would have to pull back on its easy-money policies sooner than expected.

The Dow Jones Industrial Average rose 361 points or 1.1%, while the Nasdaq Composite closed up 2.3%.

For the week, both indexes registered losses. The Dow lost 1.1% while the tech-heavy Nasdaq was the hardest hit, losing 2.3% for the week and logging its fourth consecutive week of declines, the longest such stretch since August 2019.

US stock futures edged lower today following last week's sell-off triggered by inflation jitters.

Dow futures are trading down by 73 points while Nasdaq futures are down 22 points.

In the cryptocurrency market, Bitcoin fell 12% to its lowest since February after tweets from Elon Musk hinted that Tesla may have sold, or will sell, its holdings.

Gold prices rose to three-month highs on as a weaker dollar and a dip in Treasury yields boosted gold's appeal after data last week showed US retail sales unexpectedly stalled in April.

Crude oil prices edged higher after see sawing last week as the Colonial Pipeline restarted from a hacker shutdown.

Back home, Tata Power and Happiest Minds will be among the top buzzing stocks today.

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To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

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