SGX Nifty is at 10745, down 89 points. For today, we expect China to set the tone for Asian markets as macro data due could see buying on dips as valuations turn attractive.
Yesterday, Nifty saw a sharp correction, in-line with weak global cues as local funds sold & booked profit. Metals, pharma & auto stocks bore the brunt of the selling as overnight US sell-off prompted profit booking.The event calendar for Indian markets includes the OPEC meet today & the state election results on 11th December, which could see some more consolidation today & tomorrow.
Global markets: Asian indices traded in the red led by the Japanese Nikkei, which traded lower by over 250 points in early trade.This came in as US futures dipped after the controversy regarding CFO of Huawei escalated with market expectations of rise in tension. Expect China to set the tone for Asian markets as macro data due could see buying on dips as valuations turn attractive.
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