A lazy start for the market

Bulls were on the top of the world and they had a rocking party in the last two trading sessions of the last week. But, as we enter the fresh week, the Indian markets may get a reality check and they may halt their big party. The mixed cues from global peers could be the reason to spoil the party on D-Street. Adding to gloom is the record spike in the number of coronavirus cases.

At 7:40 am, the SGX Nifty was trading down by 48.50 points at 10,188.50 levels.

The Asian markets are trading mixed on Monday following mixed close on Wall Street on Friday. The China’s Shanghai Composite and Japan’s Nikkei 225 were trading with modest gains of 0.02 per cent and 0.06 per cent respectively, while Hong Kong’s Hang Seng was trading in red, down by 0.39 per cent.

Asian Markets

Indian markets extended its rally for the second straight day on Friday. This was led by the blue-eyed boy of the D-Street Reliance Industries. The stock price of Reliance Industries sky-rocketed to unexplored terrain, becoming the first company to surpass the Rs 11 lakh crore market capitalisation mark. For the day, Sensex and Nifty hopped 1.53 per cent and 1.51 per cent respectively. On weekly basis, Sensex and Nifty posted gains of 2.80 per cent and 2.72 per cent respectively. Even the broader markets contributed to the Friday’s move as both Nifty Mid-cap and Nifty Small-cap advanced 0.96 per cent and 1.86 per cent respectively. The advance decline ratio was tilted in favor of advancers.

On final trading session of the week, US stocks ended mixed as early buoyancy faded due to surge in COVID-19 cases. Further, WHO warned that the coronavirus pandemic is entering a new and dangerous phase with pandemic accelerating. Making matter worse, Apple Inc. announced that it is temporarily shutting some stores in US on back of rising coronavirus cases. In the end, Dow and S&P 500 ended in red, down by 0.80 per cent and 0.56 per cent respectively. On the other hand, tech-heavy Nasdaq eked out modest gains. But in the last week, Dow added about 1 per cent, S&P 500 surged 1.9 per cent and the Nasdaq ascended 3.7 per cent. Meanwhile, the European indices ended the day in green as UK retail sales last month rebounded ahead of the expectation. 

US Markets

Europe Markets

Commodity