SGX Nifty hints at a quiet start for markets

With rising tension between two largest economies i.e. America and China after the former imposed another fresh restriction on Huawei, followed by the mix cues from global markets, the Indian equity markets are likely to open muted on Tuesday. 

At 7:45 am, Nifty futures were trading 1 point or 0.01 per cent lower at 11,286.50 on Singapore Exchange. Nifty has strong support around the 21-day EMA, placed around 11,111 levels as long as this support level is intact with a bullish bias.

Asian indices were trading mixed on Tuesday following a mixed close on Wall Street overnight complemented by festering US-China tensions. Hong Kong's Hang Seng and China's Shanghai Composite were trading with gains of 0.19 and 0.09 per cent, respectively. Meanwhile, Japan's Nikkei 225 extended its losses and slipped below the 23,000 mark.

Asian Markets

On Monday, Nifty and Sensex reclaimed their important psychological level of 11,200 and 38,000, respectively. After opening the day with a gap-up, indices traded range bound for the majority part of the day; but during the last trading hour, it gained momentum, which helped indices to end the day on a firm note.  

The broader market performance was also in line with benchmark indices as both Nifty Mid-Cap and Small-Cap gained 0.51 and 0.89 per cent, respectively. Majority of the sectors ended in green wherein, Nifty Media, Nifty Metal and Nifty Auto were top gainers.

On Monday, Wall Street ended on a mixed note with the Dow ending in negative terrain, whereas tech-laden Nasdaq Composite jumped nearly 1 per cent registering a fresh all-time high and the S&P 500 added 0.27 per cent. In the economic news, the homebuilder sentiment improved more than estimated in the month of August and the index matched the record high level seen in December 1998.  European Indices ended Monday's session with modest gains.

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