Indian markets headed for depressed open
Weakness across the globe is sure to impact India bourses as well. The SGX Nifty, which is currently trading with a cut of 34 points below its yesterday’s closing, is already reflecting it. It seems we are headed for a depressed open and a shaky trading day today.
The Asian markets slid in early trading on Friday amid profits of China’s major industrial firm dropping 2 per cent YoY in August. The worst hit was Japan’s Nikkei 225 index which shed 1.24 per cent while Hong Kong’s Hang Seng lost 0.57 per cent and the China’s Shanghai Composite slipped 0.15 per cent.
Back home, Thursday’s session turned to be a terrific day for the bulls as the markets regained momentum after a brief shake-out in the previous trading sessions. Even though the expiry of the derivative series infused a lot of volatility, the benchmark indices managed to post gains with Nifty and BSE Sensex settling at the 11,571 and 38,990 levels. The broader market also had a positive session with Nifty Mid-Cap and Small-Cap gaining 0.81 and 0.61 per cent, respectively. On the sectoral front, barring Nifty IT, all the other sectoral indices closed in the green. Nifty Metal, Nifty Realty, Nifty Auto and Nifty Media were top gainers. The advance-decline ratio leaned toward advancers.
On Wall Street, stocks closed lower, but well off their lows in a bumpy session. What probably kept investors on tenterhooks was the release of a whistleblower complaint against President Donald Trump. On the data front, the US’ economic growth in the second quarter was in line with expectations. Elsewhere, jobless claims ticked higher and America’s pending home sales rose more than expected in August. At the close, Dow dipped 0.3 per cent, the S and P 500 was down 0.24 per cent and the technology-heavy Nasdaq Composite was 0.58 per cent.
The European markets ended Thursday’s session in green on the back of a report showing an unexpected increase in German consumer confidence. Germany’s DAX and France’s CAC 40 rose 0.44 and 0.66 per cent, respectively. The UK’s FTSE 100 ended up 0.84 per cent.