SGX Nifty at 11,166.30 levels, down 51.05 points. (Updated at 7:42 AM)
Nifty saw another superb day after one day of correction as Reliance led the index to close above 11200. ICICI Bank & SBI were the other heavyweights which led the rally as the breadth was questionable even as the index scaled new 5 month highs. Weakness in FMCG, pharma & IT was also another feature even as midcaps saw a better performance.
For today, expect consolidation with slight profit booking as Nifty sees pressure of sustenance at these levels.
US Market: US Indices in the red as jobs data disappoints & indices ripe for correction with technology stocks leading the sell-off. Nasdaq plunges nearly 2.5% while Dow Jones closes lower by over 350 points.
Bond yields hit 3-month lows @ 0.58% as oil prices see mild spurt. US$ continues to see weakness hitting 4-month lows against the Euro.
Asian Market: Asian markets opened in the red after the sell-off overnight in US markets. However, expectations of positive data from China saw recovery from morning lows as most economic activities seem headed back to normal. Also, weakness in US$ is seeing strong ETF flows into most Asian markets as equities continue to be the best performing asset class for the quarter.
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