SGX Nifty points to flat start on Dalal Street; Crude prices fall
Nifty futures on the Singapore Exchange traded 10.75 points or 0.12 per cent lower at 9,227 indicating a flat start for the domestic benchmarks with just 5 points or 0.05 per cent loss.
Nifty may come under morning collateral selling today even as oversold conditions may see a second half bounce.
On Tuesday, Indian benchmarks ended in the red due to profit booking in the last hour of the trade. The 30-share index Sensex fell 262 points or 0.83 per cent to end at 31,453.51.
The NSE Nifty50 ended with losses another day running as morning gains were lost in last hour profit booking as both foreign and local funds sold aggressively.
NSE’s Nifty 50 settled at 9,205.60, down 88 points or 0.95 per cent on Tuesday.
Banks and NBFC were the top losers while metals also were under pressure as volatility crept back.
The breadth of the market was under pressure as traders squared off losses with mid caps also seeing collateral selling.
Asian markets were mixed today, with investors weighing optimism that more countries are moving toward easing lockdown measures.
South Korea’s Kospi gained 1.08 per cent in morning trade as shares of automaker Hyundai Motor jumped about 2 per cent. The Kosdaq index also rose 1.38 per cent.
Mainland Chinese stocks, on the other hand, dipped in early trade as the country caught up with the cautious shift in sentiment globally as investors returned to work after a week-long break.

The Shanghai Composite declined 0.99 per cent, or 28.45 points, to 2,831.63 while the Shenzhen Composite index was slightly lower, shedding 0.92 per cent, or 16.22 points, to 1,747. Meanwhile, Hong Kong’s Hang Seng index advanced 0.85 per cent.
Australian stocks slipped on Wednesday as buoyant gains in energy stocks after a rise in crude prices were overshadowed by weakness in the heavyweight financial sector.
The S&P/ASX 200 index fell 0.8 per cent to 5,362.3 by 0100 GMT after two straight sessions of gains. It was off 25.2 per cent from its lifetime high hit on February 20 and down 19.1 per cent so far this year.
Overall, the MSCI Asia ex-Japan index traded 0.41 per cent higher.
On Wall Street, three major indices posted gains as healthcare stocks rose, oil prices jumped and some US states and countries eased lockdown measures to revive their economies. The Dow Jones Industrial Average rose 358.02 points, or 1.51 per cent, to 24,107.78, the S&P 500 gained 51 points, or 1.79 per cent, to 2,893.74 and the Nasdaq Composite added 178.67 points, or 2.05 per cent, to 8,889.39.
Futures on the S&P 500 ticked lower. The gauge rose for a second day on Tuesday, though a gain of almost 2 per cent was cut in half in the last hour of trading after Fed Vice Chairman Richard Clarida warned the economy will need more government support.
Futures on the S&P 500 fell 0.2 per cent as of 9:32 a.m. in Hong Kong.
Markets in Japan and Thailand are closed on Wednesday for holidays.
Oil prices declined on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after US crude inventories surged more than expected amid a slump in demand caused by measures to curb the novel coronavirus spread.
US benchmark West Texas Intermediate (WTI) snapped a five-day winning streak, with crude futures falling as much as 2.1 per cent to $24.05 a barrel and were down 14 cents at $24.41 a barrel at 0201 GMT.
Brent crude futures were flat at $30.97 a barrel, after rising 13.9 per cent in the previous session, part of a six-day rise.