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Stock markets in India look cautious even as Asia rebounds

By Vinu Lal

03:04, 30 November 2021

Stock market data on LED display
SGX Nifty futures loses early momentum – Photo: Shutterstock

Indian benchmark indices look to begin trading on a cautious note even as Asia rebounded on Tuesday morning trades.

SGX Nifty futures index, representing Indian stocks in Singapore Stock Exchange, lost its early momentum as the trading progressed and was at a 0.04% discount around an hour before Indian markets opened. 

Wall Street stocks inched up higher on Monday after reassurances from the US President that the new variant shall not end up in lockdowns, thereby regaining some of its lost grounds from Friday’s fall. Dow gained 0.68%, S&P 500 rose 1.32% and Nasdaq added 1.88% on Monday.

EUR/USD

1.10 Price
+0.490% 1D Chg, %
Long position overnight fee -0.0080%
Short position overnight fee -0.0002%
Overnight fee time 22:00 (UTC)
Spread 0.00006

AUD/USD_zero

0.67 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0071%
Short position overnight fee -0.0011%
Overnight fee time 22:00 (UTC)
Spread 0.00006

AUD/USD

0.67 Price
+0.760% 1D Chg, %
Long position overnight fee -0.0071%
Short position overnight fee -0.0011%
Overnight fee time 22:00 (UTC)
Spread 0.00006

GBP/USD

1.27 Price
+0.740% 1D Chg, %
Long position overnight fee -0.0047%
Short position overnight fee -0.0035%
Overnight fee time 22:00 (UTC)
Spread 0.00013

Deepak Jasani, head of retail research, HDFC Securities, said that Indian markets could open flat to mildly higher in line with flat Asian markets today even after the negative US markets on Friday. 

“The Nasdaq Composite Index notched its biggest daily gain since May, while Dow industrials and the S&P 500 had their largest percentage climbs in more than a month after President Joe Biden told Americans the fight against the omicron variant of coronavirus won’t involve ‘shutdowns or lockdowns’”, Jasani said.

Things to note before trade 

  • Go Fashions will begin trading on exchanges today
  • Punjab National Bank will invest in Open Network for Digital Commerce by picking up over 9% stake in the company
  • IRCTC ties up with online bus ticketing platform redBus to launch redRail – a rail ticket booking service
  • Coal India will provide the government INR36.67bn as an interim dividend for the financial year 2021-22

Read More: India’s central bank supersedes Reliance Capital board on default

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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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