Bulls to make a comeback!

After two consecutive days of losses, the bulls are likely to make a strong comeback and helping the cause is the cheerful global cues. Global markets are back on the bullish track as the growth of the number of confirmed coronavirus cases slowed down. SGX Nifty has surged 53 points and trading at 12,094 levels. However, volatility could be seen in today’s session as the market participants eye the outcome of the Delhi Assembly Elections. On earnings front, BHEL and IDBI Bank are scheduled to report their Q3 earnings later in the day.

Asian markets are trending higher on Tuesday, following strong leads overnight from Wall Street. Hong Kong’s Hang Seng is up by 1.39 per cent and China’s Shanghai Composite has gained 0.35 per cent.

Back home, the markets continued to decline for the second consecutive session on Monday, on the back of negative global cues. BSE Sensex slipped below its important psychological 41,000 mark down by 0.39 per cent and Nifty lost 0.55 per cent to end at 12,031 levels. Amongst the broader markets, both Nifty Mid-cap and Small-cap ended with losses of 0.96 and 1.11 per cent, respectively. On the sectoral front, all the sectoral indices ended in a negative territory. Nifty Metal, Nifty Auto and Nifty Media were the major decliners.

In overnight development, Nasdaq and S&P 500 ended the session at new record closing highs as the spread of coronavirus may slow down. Dow advanced 174 points, S&P 500 rallied 24 points and the tech-heavy Nasdaq was the top-performing index, which surged by 1.1 per cent. Meanwhile, European markets ended Monday’s session on a mixed note, as Eurozone investor confidence dropped more than expected in February.