A Positive start on the cards

The markets shut their doors on Friday at record closing highs but they were off from day’s highs. The lack of momentum in Friday’s session was visible in the markets as they headed nowhere and spent the whole session in a minimal and narrow range. The signs of fatigue are visible but positive global cues are likely to help the markets to grind higher and extend its up move for the fifth consecutive day. As per early indications, SGX Nifty is trading up by 6 points at 12,298 level. Market participants will keep an eye on the counting of the vote for the five-phase Jharkhand polls. Currently, the BJP is in power in the state but the ruling party is facing a tough challenge from the alliance of the opposition parties, mainly the Congress and the Jharkhand Mukti Morcha.
 
The majority of the Asian markets are trading positive following the record closing highs on Wall Street on Friday amid trade optimism between the US and China. Japan’s Nikkei 225 has gained 0.18 per cent, Hong Kong’s Hang Seng was up 0.13 per cent, and China’s Shanghai Composite edged up 0.02 per cent.
 
Back home, on Friday, the markets eked out modest gains. They started on a flat note but soon picked up momentum and key benchmark indices registered fresh all-time highs. However, the markets pared some of its gains in the second half of the trading session and spent the whole session in a narrow range. In the end, the Nifty gained 0.10 per cent to end at 12,272 and the BSE Sensex added 0.02 per cent to close at 41,682. The broader market indices performed in line with frontline gauges, with Nifty Midcap and Smallcap adding 0.01 and 0.04 per cent, respectively. On the sectoral front, Nifty PSU Bank and Nifty Media were the top gainers and witnessed healthy buying interest. On the flip side, Nifty Auto and Nifty Pharma were the key losers.
 
Let us have a look at how did western markets fare on the final trading session of the week. The US markets extended its up move and ended the session at new record closing highs supported by some positive economic news. According to the final estimate, the nation’s GDP expanded at a rate of 2.1 per cent during the third quarter, which was in line with economists' expectations. Meanwhile, personal income and consumer sentiment beat forecasts. At the closing bell, the Dow was up by 78 points, the S&P 500 surged 16 points, and the tech-heavy NASDAQ rose 38 points. The European markets, too, performed well, as china unveiled a new list of tariff exemptions for imports from the US. The UK’s FTSE advanced 0.11 per cent, Germany’s DAX climbed 0.81, and France’s CAC 40 rose 0.82 per cent, respectively.