By Aditya Raghunath
Investing.com -- Nifty and the BSE Sensex are likely to open flat to higher amid a mixed bag of global cues. US markets traded mixed yesterday as the tech index Nasdaq fell 2%. Treasury yields also fell back to 1.6%, down 15 basis points from the year’s high, but it is still too high for the markets’ liking.
Tech stocks falling is a sign that the offline economy is recovering but rising COVID cases around the world, including India, are questioning the pace of the recovery. From all accounts, treasury yields will continue to rise this year and that will cause over-valued stocks to fall. However, it is good news for cyclical sectors.
FIIs (Foreign Institutional Investors) have sold net shares worth Rs.1,951.9 crore while domestic institutional investors have bought net shares worth Rs. 612.8 crore in the Indian markets yesterday. This sell-off by FIIs contributed to the 1.75% decline in the Nifty and BSE Sensex yesterday.
Nifty 50 Futures were up 0.63% as of this report and that is generally a positive indicator for the markets. Asian markets have also opened higher with Nikkei 225 up 1.12%, KOSPI 50 up 0.67% and the Shanghai Composite up 0.25%.
Oil prices have risen again thanks to the ship that has blocked the Suez Canal, and crude oil is now back over $60.
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