SGX Nifty indicates negative opening for Indian markets

Expect a choppy session today as weak global cues & weekly derivative contracts expiry of index futures could see both-sided movements after a weak start.

June 17, 2021 7:58 IST | India Infoline News Service

SGX Nifty is at 15,664.20 levels, lower 112.60 points. (Updated at 7:58 AM)

The Nifty had a weak session as both foreign & local funds booked profit ahead of the Federal Reserve meeting.

Metals, industrials & banks led the losers while IT & FMCG saw buying interest.

Expect a choppy session today as weak global cues & weekly derivative contracts expiry of index futures could see both-sided movements after a weak start.

US Market: US markets closed in the red as Federal Reserve sees no rate rise till 2023.

However, markets price in 2 rate increases in 2023 with bond yields rising to hit 1.58%.

Banks lead the gainers while technology & social media stocks lead the losers, with industrials & metals also seeing selling pressure.

Asian Market: Asian markets opened weak as overnight US indices weakness played out with the Japanese Nikkei trading lower by over 1% as markets turn cautious on Federal Reserve outlook on inflation.

Chinese stocks may buck the trend as they have consolidated well over the last 2 weeks & generally are good contrarian plays when other markets see profit booking.

Related Tags: