Markets likely to open in the green tracking positive global cues
Key benchmark indices are expected to extend their gains on Tuesday tracking firm global cues. It will be important to see how Nifty behaves near the 200-day SMA, which stands around 10,173. The SGX Nifty is pointing that Nifty may open around 10,167.
Stock markets in Asian are in the green following the rebound on Wall Street overnight as trade tensions between the US and China appeared to ease. Japan’s benchmark index Nikkei 225 has surged 1.78% as major exporters are higher on a weaker yen. Hong Kong’s Hang Seng has gained 0.93% and China’s Shanghai Composite has advanced 0.85%.
Back home, snapping two days losing streak, Indian equity benchmarks ended Monday’s session with frontline indices reclaiming their crucial levels--Nifty (10,100) and Sensex (33,000)--as traders opted to buy beaten down but fundamentally strong stocks after two days of continuous drubbing. After making a cautious start, the markets gained momentum and entered the green terrain and ended the day near the day’s high. Following the benchmark indices, the broader indices also participated in the rally with Nifty Mid-cap and Nifty Small-cap registering gains of 1.29% and 0.68%, respectively. Among sectoral indices, Nifty PSU Bank led the gainers list by gaining 4.94%, while Nifty IT turned out to be the sole loser.
It was a memorable Monday for the US markets as major indices recorded their largest one-day percentage gains since the summer of 2015. The Dow Jones Industrial Average spiked 669 points to 24,203, its third-best points gain in history, the S&P 500 soared 70 points to 2,659 and the Nasdaq Composite Index rallied 228 points to 7,221.
The European stocks kicked off the week on a positive bias and spent majority of the day in the green terrain. However, the market began to trim its gains after the opening bell on Wall Street and ended the session with losses. Germany’s DAX slipped 0.83%, France’s CAC 40 dropped 0.57% and UK's FTSE 100 finished lower by 0.48%.