Bulls to make a comeback

After a severe fall in the last trading session, the early indication from SGX Nifty suggests that the bulls are likely to witness a strong comeback and supporting the cause are the favorable global cues. Trading at 12,114 levels, the SGX Nifty is up by 66 points.

On Tuesday morning, the Asian markets are seen advancing after a strong recovery on Wall Street overnight. The Japanese Nikkei is up by 1.50 per cent, followed by Hong Kong's Hang Seng adding 0.76 per cent and China’s Shanghai Composite rising 0.37 per cent.

Back home, Monday turned out to be a miserable day for the stock markets as key benchmark indices ended alarmingly lower on the back of tensions in the Middle East. With INR depreciating and the price of crude is rising, stoking fears of inflationary pressure. At the end, Nifty and BSE Sensex closed down by 1.9 per cent, each. Amongst the broader markets, Nifty Midcap and Small-cap plunged 2.24 and 2.20 per cent, respectively. Talking about the sectoral indices, all indices witnessed heavy selling pressure and ended with losses, wherein, Nifty PSU Bank, Nifty Metal, and Nifty Bank were the top losers.

In the overnight development, after initial set-back, the US stocks staged a smart recovery and ended the day in green. The Dow rose 69 points, Nasdaq jumped 51 points, and the S&P 500 climbed 11 points. Meanwhile, the major European indices moved lower due to heightened geopolitical tensions.