SGX Nifty Up 63 Points; Indicates Firm Opening for Indian Stock Markets

Fri, 18 Jun SGX Nifty | Nandini Mehta, TM Team

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The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 63 points, or 0.4% higher at 15,756 levels.

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

Asian stock markets are trading on a mixed note today after a rally in US technology shares and Treasuries, as investors unwound some of this year's dominant reflation trades.

In China, shares fluctuated after US regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies.

The Hang Seng and the Nikkei is up 0.5% and 0.3%, respectively. The Shanghai Composite is trading down by 0.3%.

In US stock markets, Wall Street was broadly under pressure on hawkish signals from the US Federal Reserve, even as US technology stocks notched gains.

The US dollar hit a two-month high and long-dated Treasury yields whipsawed, tumbling after initially spiking on Wednesday's surprise move from the Federal Reserve to raise interest rates at a much faster pace than expected.

The Dow Jones Industrial Average fell 210 points or 0.6%.

The tech-heavy Nasdaq Composite neared its lifetime peak hit on 29 April, before closing up 0.9% or 122 points higher as investors bet the economic recovery would boost demand.

US stock futures are trading on a flat note today with Dow Futures up by 31 points.

Gold prices edged higher today, but were on track for their worst week since March 2020 after the US Federal Reserve's hawkish message on monetary policy bolstered the dollar and bond yields, while denting bullion's appeal as an inflation hedge.

Crude oil prices fell nearly 2% from their highest level in years on Thursday as the dollar strengthened after the US central bank signalled it might raise interest rates as soon as 2023.

Back home, Federal Bank and Nazara Technologies will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why gold and silver prices have become volatile lately.

He also shares how the price volatility affects his long-term view on both metals.

You can watch the video here: Why is Bullion so Volatile Now?

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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