Indian stock markets look nervous even as SGX Nifty recovers
By Vinu Lal
03:18, 10 December 2021
Indian stocks are looking at a nervous opening even as SGX Nifty futures, representing Indian stocks on Singapore Stock Exchange recovered during morning trade on Friday.
SGX Nifty was trading 0.15% down about an hour before Indian markets opened. The index had plunged to 0.30% earlier in the day.
Investors across Asia look worried as they await the US inflation data and also because of concerns over the new Covid variant.
Wall Street indices closed lower on Thursday as investors booked profits after three consecutive trading sessions of gains and in anticipation of inflation data and how it could impact the US Federal Reserve’s upcoming meeting next week.
Dow Jones Industrial Average fell 0.06%, S&P 500 lost 0.72% on Thursday.
Having displayed strength in the current upside bounce, the chances of minor downward correction or consolidation is likely in the coming sessions, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Any minor weakness or consolidation from this hurdle in the next one to two sessions could mean a higher possibility of a sharp upside breakout of the hurdle in the near term, he added.
Things to note before trade
- Star Health and Allied Insurance to begin trading on Friday. The initial share sale of the company was open for subscription between November 30 and December 2
- One97 Communications, known for its Paytm brand, has been given the scheduled bank status by the Reserve Bank of India
- Ujjivan Small Finance Bank has raised interest rates on deposits across various tenures
- AstraZeneca said it has initiated engagements with Indian health authorities to provide the latest evidence of Evusheld, its Covid-19 prevention drug for people with weak immune systems which has received emergency use authorisation in the US