Dalal Street likely to start on a buoyant note

Carrying a positive baton from the previous trading session, Indian indices are likely to start on a positive note. Nifty in previous trading session closed above 10,400 level. And now it will aim for the 10,550 level, aided by the positive global cues. As the news of potential coronavirus vaccine is acting as music to bull’s ears, markets globally are seen hopping with joy. Further, the recent incoming data showing recovery could further boost the confidence of the market participants.  

Early trends in SGX Nifty is indicating an optimistic start. At 7:50 AM SGX Nifty is up by 71 points, trading at 10,470 level.  

The news of a potential coronavirus vaccine and upbeat manufacturing data in the US hinting a quicker recovery than expected aided Asian indices to trade in green on Thursday. Hong Kong’s Hang Seng gained the most. China’s Shanghai Composite surged above 3,000 level and Japan’s Nikkei 225 is trading above 22,220 level.

Asian Markets

Amid GST collection in June exceeding Rs 90,000 crore mark and improved Manufacturing PMI data for May, on Wednesday, markets remained buoyant throughout the day. Nifty surged by 1.24 per cent ending above 10,400 level. Whereas, Sensex ascended 1.43 per cent to settle at 35,414. The broader market indices Nifty Mid-cap and Nifty Small-cap ended in green by adding 0.50 per cent and 0.85 per cent, respectively. On sectoral front, mixed trend was witnessed as Nifty PSU Bank, Nifty Bank and Nifty Private Bank were the top gainers and Nifty Pharma ended as top loser. 

Wall Street closed mostly higher with tech-heavy Nasdaq posted a record closing high, on the first trading session of Q3. The sentiment on the Wall Street was elevated by the news of Pfizer and BioNTech announcing positive data from a vaccine trial. Also, in the month of June, the ISM manufacturing index unexpectedly soared back into expansion territory. Meanwhile, in the minutes of the June 9-10 meeting, the committee expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic. However, it did not have much impact on the markets. At the closing bell, Nasdaq was the top performer followed by S&P 500. On the other hand, Dow ended with modest losses.  As hope of vaccine generated buying interest among the market participants, even European indices attempted recovery but ended the session in red.

US Markets

Europe Markets

Commodity