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Indian stocks see red on global equities sell-off pressure

By Vinu Lal

03:01, 26 November 2021

Financial stock exchange market display screen board on a night-lit street, selective focus
SGX Nifty traded down 1.04% on Friday – Photo: Shutterstock

Indian indices are heading for a drop on Friday picking up cues from Singapore Stock Exchange. SGX Nifty futures, which represent Indian stocks, were trading down 1.04% during morning trading on the Singapore Stock Exchange riding on global equities sell-off led by the US. 

Wall Street trading, set to reopen on Friday after the Thanksgiving holiday, is likely to come under pressure as S&P 500 futures fell 0.6% and Dow Jones futures were down 0.7%.

Asian stocks across the region opened on Friday with substantial losses, led by Japan, as the new virus variant added to ongoing concerns around inflation and consumer price rise. Japan’s Nikkei was down 1.7% while Australia’s ASX fell 0.6% on Friday morning. 

“Nifty is expected to open negative, with a gap down of 160 points at 17380. It is important for Nifty to hold above its support range of 17200-17250 else we may see 16900 levels. Overall short term trend in Nifty is weak and traders are suggested not to initiate new longs in current markets.“ said Gaurav Udani, chief executive of ThincRedBlu Securities.

Things to note before trade

  • Tarsons Products will start trading on Friday with the stock expected to be listed on a premium
  • TCS  said it has won a multi-year deal from metal and mining company South32
  • Housing Development Finance Corporation said it will raise up to INR100bn ($1.34bn) by issuing bonds
  • Adani Enterprises to begin construction of the second Mumbai airport in Navi Mumbai

Read More: Indian companies to rebound on demand revival, says Moody’s

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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