Bulls to dominate third day in a row !

Early indication from the SGX Nifty indicates that the domestic benchmark indices are on the way to log hat-trick of gains as at the time of writing the SGX Nifty has surged 56 points to trade at 11,656 levels. The only thing at this moment the bulls would be saying to bear is that 'picture abhi baaki hai mere dost'. On Monday, FPIs pressed the buy button aggressively and they returned with a bang as they bought net shares worth Rs 2684 crore.  In short, with the optimism high on the D-Street and Josh witnessed from the FPIs camp in the last trading session, it would be an exciting day of trade for the bulls.

Most of the stocks in Asia were trading with modest uptick on Tuesday following mixed cues from Wall Street and global growth worries were at forefront as manufacturing activity in Germany slipped to its lowest level since the financial crisis. The Hong Kong’s Hang Seng has gained 0.60 per cent and Japan’s Nikkei 225 was up by 0.21 per cent. Meanwhile, the China’s Shanghai Composite was almost unchanged.

Back home, bull party continued on the D-Street on the first trading session of the week as key benchmark indices added further gains to the mammoth rally which was seen on Friday post a slew of measures announced by the Finance Minister and further, several brokerage houses upgraded targets on domestic equities, adding to the upbeat sentiment. On Monday, the BSE Sensex registered gains of four digits to settle above the important psychological 39,000 mark and the Nifty skyrocketed over 300 points to close at 11,600 mark. In the last two trading sessions, the Sensex has zoomed about 3000 points, while the Nifty has jumped about 900 points. Having said that, the day would be remembered for one more reason the biggest stock exchange in the country NSE was hit by a trading glitch as stock prices were not updating on the terminals. Amongst the broader indices, Nifty Midcap and Smallcap surged higher and almost in-line with the benchmark. On the sectoral front, Nifty Bank, Nifty Financial Services and Nifty FMCG were the top gainers. On the other hand, Nifty IT and Nifty Pharma were the top losers. The advance-decline ratio was skewed toward advances.   

The US stocks ended Monday’s session on a mixed note as stock closed near neutral line as traders seemed reluctant to make any significant moves ahead of corporate earnings and clarity on the US and China trade deal. At the close, the Dow rose 14 points, the S&P 500 was unchanged and the tech-heavy Nasdaq Composite fell 5 points.

The European markets ended Monday’s session in red weighed down by weaker than expected economic data and the collapse of one of the world’s oldest travel operator. The Germany’s DAX and the France’s CAC 40 dropped 1.01 and 1.05 per cent, respectively. While the UK’s FTSE 100 ended lower by 0.26 per cent.