Bulls to spring back!
On Tuesday, movement in Indian markets was almost a replica of Monday’s trading session as they saw a considerable deterioration from high point of the day. The only dissimilarity was that on Monday markets ended with modest gains, whereas on Tuesday they registered losses of over one per cent. Going by the early trends from SGX Nifty suggest that the bulls are likely to bounce back and open on a strong note on Wednesday. At 7:49 AM, SGX Nifty was trading up by 92.50 points at 10,104. However, the key is to sustain the early gains. Lately we have witnessed that market is not able to sustain its early gains. Today, it would be interesting to see whether the same story repeats or bulls will surprise market participants by sustaining its initial gains.
On account of negative cues from overnight from Wall Street, Asian indices traded on a mixed note. Hong Kong’s Hang Seng jumped 0.63 per cent and Japan’s Nikkei 225 added 0.08 per cent. Whereas, China’s Shanghai Composite drowned 0.53 per cent.
Asian Markets
|
Asia Opening
|
Price
|
Change
|
% Change
|
|
Nikkei 225
|
23,108.57
|
17.54
|
0.08
|
|
Hang Seng
|
25,214.25
|
157.03
|
0.63
|
|
Shanghai
|
2,940.38
|
15.73
|
-0.53
|
|
SGX Nifty
|
10,104.00
|
92.50
|
0.92
|
Indian benchmark indices on Tuesday started the session on a flat note and in the first half of trading session it advanced higher. However, post noon it not only erased its gains but also ended the day at significant loss of over a per cent. Sensex and Nifty declined by 1.20 per cent and 1.19 per cent respectively. Looking at broader market, the Nifty Mid-cap and Small-cap indices slipped 0.38 per cent and 1.42 per cent respectively. On sectoral front, except for Nifty Pharma and Nifty FMCG, all the other sectoral indices ended in the red. Nifty Media and Nifty Bank were the top losers. The advance-decline ratio was tilted in favor of decliners.
On Tuesday, stocks on Wall Street ended on a mixed note as Dow and S&P 500 ended the day in a negative terrain. While, Nasdaq hits a new record high, but it retreated off its best level of the day. Ahead of the Federal Reserve’s monetary policy announcement, market participants were cautious to make any significant move. On the other hand, European indices ended sharply lower as the data indicated an historic decline in Eurozone GDP which was by and large caused due to lockdown.
US Markets
|
US Closed
|
Price
|
Change
|
% Change
|
|
Dow
|
27,272.30
|
-300.14
|
-1.09
|
|
S&P 500
|
3,207.18
|
-25.21
|
-0.78
|
|
Nasdaq
|
9,953.75
|
29.01
|
0.29
|
|
GlobalDow
|
2,963.54
|
-0.08
|
0.00
|
Europe Markets
|
Europe Closed
|
Price
|
Change
|
% Change
|
|
FTSE 100
|
6,335.72
|
-136.87
|
-2.11
|
|
DAX
|
12,617.99
|
-201.60
|
-1.57
|
|
CAC 40
|
5,095.11
|
-80.41
|
-1.55
|
|
FTSE MIB
|
19,930.20
|
-301.18
|
-1.49
|
|
IBEX 35
|
7,752.30
|
-143.80
|
-1.82
|
|
Stoxx 600
|
369.54
|
-4.58
|
-1.22
|
Commodity
|
Commodity
|
Price
|
Change
|
% Change
|
|
Gold
|
1,722.10
|
0.20
|
0.01
|
|
Oil
|
38.36
|
-0.58
|
-1.52
|