Nifty to open with minor losses; tech stocks to be in focus

If we go by what SGX Nifty suggests, we are all set for an opening with minor losses on Nifty.

On Thursday, Asian markets opened on a mixed note with Japanese stocks inching higher while ASX 200 and KOSPI slipping during the early trade.

The markets are concerned about the pandemic situation with the US setting a new record of average daily cases while the United Kingdom reported its highest daily deaths since May.

The US markets saw yet another rotation as the focus shifts back on the tech stocks. NASDAQ was up by more than 2 per cent by clocking gains of about 232 points. Dow managed to close 23 points down after trading in green during the early session. Meanwhile, S&P 500 closed with minor gains.

The European markets continued to trade with optimism on Wednesday as the vaccine cheer persisted.

Today, on Indian bourses, the focus could be on the IT stocks along with pharma & banking.

In recent trades, the IT and Pharma stocks have witnessed heavy bouts of profit booking with cyclical and banking stocks gaining momentum. Investors and traders can expect yet another volatile trading session even as the key benchmark indices enter the ‘overbought zone’ in the near term. Having said, government announcements are expected to keep markets guessing and hopeful. The stimulus announcement may help keep the market moods positive.