Volatile SGX Nifty indicates market likely to open flat led by mixed global cues
Though bulls are expected to show some movement in today’s trading session, gains may be capped due to mixed cues from the global indices.
On Tuesday, gains in the domestic benchmark indices were supported by strong buying in the IT and private banks.
A survey showed that for China, Caixin/Markit services Purchasing Managers' Index (PMI) eased to 56.3 in December from 57.8 in November; thus, registering a three-month low for December. Shanghai index was up by 0.18 per cent while Hang Seng index was down by 0.22 per cent. Japan’s Nikkei index also was in red, down by 0.24 per cent whereas, South Korea’s KOSPI rose by 0.21 per cent. Asian indices thus continued to show mixed trends for January 6.
Crude oil prices stabled after surging on Wednesday after Saudi Arabia pledged to voluntary oil output cuts of one million barrels per day (bpd) in February and March but globally tensions bubbled, following Iran's seizure of a South Korean vessel.
On Wednesday, the US Congress is set to meet to count electoral votes and declare the winner of the 2020 Presidential elections.
Singapore-traded SGX Nifty, which is considered to be an early indicator of Nifty 50 Index’s performance in India remained volatile on Wednesday. SGX Nifty was up by 0.11 per cent.