Indian stocks see red on global equities sell-off pressure
By Vinu Lal
03:01, 26 November 2021
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
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