SGX Nifty indicating a positive opening, currently trading at 10582 up 58 points from Thursday's closing. For today, we expect more traction in Asian markets as positive momentum builds up for the US-China President meet this week.
Last week, Nifty saw inherent weakness creep in on Thursday as speculators sold in anticipation of technical weakness and strength in rupee, which saw technology stocks drag the index lower. Financials were the sweet spot as lower yields, strength in rupee & oil hitting fresh lows saw PSU banks and interest rate sensitives out perform the markets.
Global markets: Asian indices opened in the green as markets come out of oversold territory with value buying seen in most Asian indices.Oil fall sees bond yields fall with select financials doing well in most emerging markets. Expect more traction in Asian markets as positive momentum builds up for the US-China President meet this week.
US markets: Dow Jones ends holiday shortened week on a weak note as oil plummets to 1-year low & drags energy stocks. Bond yields trade near 3% with US$ also seeing profit booking. All eyes this week on US-China high level meeting on trade talks and positive outcome can drive stocks out of bear market.
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