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Indian Markets to Open Flat to Higher as Cryptos Crash – India

By Aditya Raghunath — Early cues indicate that and the will open flat to higher today as investors flock to safer assets in the wake of a crash in the cryptocurrency markets.

Nifty futures in Singapore are trading down 0.1% which indicates a small gap-up opening for Indian markets. A combination of tweets from Elon Musk since last week and the Chinese government’s crackdown on crypto trading has caused prices of serious cryptos like and to fall over 40% in less than a week. Even joke cryptos like have fallen 40%.

Asian markets are trading mixed despite numbers that said Japan’s exports surged in April. is flat while and are down 0.6% and 0.42% as of this report.

US markets also closed lower yesterday despite the release of the US Fed’s minute that showed the US economy is nowhere close to being in a comfortable zone, and that interest rates will stay the same. However, concerns about inflation are preventing a move up. US futures are all trading down at the time of this report. , and are down 0.2%, 0.15% and 0.19% respectively.

It looks like Indian markets might trade rangebound today. Key support levels for Nifty are 14,980 and 15,100.