A Fine Start for Markets

A Fine Start for Markets

Karan Dsij
/ Categories: Trending, Pre Morning

The strong positive bias, which the Indian markets are currently trading with, is not likely to subside anytime soon. The momentum is also expected to continue on the D-Street. In early action, the SGX Nifty is trading higher by 3 points at 11,809 levels. There is not much on the global front to drive the markets today as global cues are mixed, hence, the earning season will continue to drive the sentiment on the D-Street. Big names, such as Concor, Tata Global Beverages, and Tata chemicals are among the host of companies, schedule to announce their September quarter results today.
 
Today, the majority of the Asian markets are trading in negative terrain amid the prospect of a rate-cut by the Fed was thwarted by a report, suggesting a phase-one trade deal between two of the world’s largest economies could be delayed. China’s Shanghai Composite was down 0.49 per cent, the Hong Kong’s Hang Seng lost 0.45 per cent, and Japan’s Nikkei 225 dropped 0.31 per cent.

Back home, the first full trading session of Samvat 2076 was a memorable one for the bulls. The key benchmark indices registered gains of over 1 per cent and ended the session at 11,787 (Nifty) and 39,832 (BSE Sensex). Factors, such as optimism, the US-China trade deal, and hopes that the government may announce tax cut in the near term, encouraged a broad stock market rally to occur. The key benchmark indices closed at a near four-month high. The broader market moved in tandem with the frontline indices, with Nifty Midcap and Smallcap closing 1.26 and 0.75 per cent higher, respectively. All the sectoral indices, barring Nifty Media, ended in green, with Nifty Auto and Nifty Metal becoming the top gainers. The market breadth was in favor of the gainers.
 
In overnight developments, the US markets showed a lack of direction throughout the trading session as traders perused a flood of earnings reports. An unexpected slide in consumer confidence and a rise in pending home sales could also be seen. In the end, the Dow ended down by 19 points, the S&P 500 dipped 3 points, and the NASDAQ slipped 49 points. Going ahead, all eyes and ears will be on the FOMC, which is expected to deliver a rate of 25 bps. Further, the US government releases its latest data on the gross domestic product for the third quarter of 2019, which is likely to dictate the further movement of the markets. European markets overcame early setbacks to end the day on a mixed note.


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