Joe Biden inches closer to 270 mark; Nifty aims to reclaim 12,000 mark!

Despite high volatility, the Indian markets ended Wednesday’s session near the day’s high with Nifty reclaiming its important psychological mark of 11,900.

On Thursday as well, the cues are picture-perfect for the bulls as a strong rally was seen overnight on Wall Street and the Asian indices have followed the same path. SGX Nifty is indicating a strong opening for the Indian markets with Nifty likely to open above the 12,000 mark.

The latest update on the US election is that the presidential candidate Joe Biden is leading and approaching the 270 mark. If Nifty manages to hold above the 12,045-12,060 mark, the bulls would attempt to reclaim its all-time high level in the near term.

It’s a sea of green for the Asian indices on Thursday, led by Hong Kong’s Hang Seng as it has surged 2 per cent, followed by Japan’s Nikkei 225 and China’s Shanghai Composite. Japan’s Nikkei 225 is trading within the striking distance of its 52-week high of 24,115.95 level.

Indian markets witnessed a listless start on Wednesday but soon, it inched higher to register gains of nearly 1 per cent. However, post that, volatility reared its ugly head and kept the market participants on toes. At one moment, the markets entered into negative terrain as there was a sharp drop in Dow Futures. However, as the saying goes, all’s well that ends well; the Indian markets too ended on a buoyant note despite huge volatility witnessed throughout the day with Nifty and Sensex reclaiming their important psychological levels of 11,900 and 40,616.

The broader indices continued to underperform the frontline gauges with Nifty Mid-cap advancing 0.65, while Nifty Small-cap dropping 0.12 per cent. On the sectoral front, for a change, Nifty Bank took a back seat as Nifty Pharma and Nifty IT emerged as the top gainers, while Nifty Realty, Nifty Metal, and Nifty Financial Services witnessed profit booking.

The US stocks continued to climb higher on Wednesday despite a hazy mixed indication of the presidential election outcome. All the three major US stock market indices ended on a firm note but the tech-heavy Nasdaq was the show-stopper of the day as it jumped nearly 4 per cent, followed by S&P 500 and Dow. The European markets extended their northward movement for the third consecutive session on Thursday.