Markets likely to open on a positive note
Indian markets are set to witness a positive start as indicated by early trends on SGX Nifty. Cheerful global cues leading to such a beginning. At 7:54 AM, the SGX Nifty is trading up by 66 points at 10,229 levels. Having said that, the World Bank predicts India’s economy to contract by 3.2 percent in fiscal year 2020-21. This could cap the gains.
On Tuesday, majority of the Asian indices were trading in green. Hong Kong’s Hang Seng soared over 1 per cent and with this up move it has ascended above its important psychological level of 25,000. Stocks closing on a buoyant note overnight on Wall Street resulted in China’s Shanghai Composite advancing 0.32 per cent. Meanwhile, Japan’s Nikkei 225 index witnessed profit booking after a six-day long rally.
Asian Markets
Asia Opening
|
Price
|
Change
|
% Change
|
Nikkei 225
|
23,051.27
|
-126.83
|
-0.55
|
Hang Seng
|
25,096.13
|
319.36
|
1.29
|
Shanghai
|
2,947.28
|
9.51
|
0.32
|
SGX Nifty
|
10,229.00
|
66.00
|
0.65
|
On Monday, the initial part of the trading session went well, but in the mid an unexpected bout of selling pressures hauled key domestic benchmark indices lower. Though indices eked out modest gains, they ended the day significantly lower from its day’s high. At closing bell, Nifty settled at 10,167 adding 0.25 per cent and Sensex jumped 0.24 per cent to settle at 34,371. Interestingly, in the broader markets momentum continued as Nifty Mid-cap and Small-cap advanced 0.46 per cent and 1.23 per cent respectively and thereby, outperforming the frontline indices. The advance-decline ratio was skewed towards advancers. On sectoral front, a mixed trend was witnessed. Nifty IT and Nifty Private Bank were top gainers. On flipside, Nifty Media and Nifty Pharma were top losers.
In overnight trade, dream run continued for the US stocks as market participants shift their attention from the recession and bet on swift economic recovery. As a result, tech-heavy Nasdaq registered a new record high and S&P 500 turned positive for the year. Dow stretched its winning streak for sixth straight session for the first time since September 13. It is nearly 7 per cent away from its all-time high and S&P 500 is nearly 4.75 per cent away from its intraday all-time high level. Meanwhile, German industrial production in the month of April fell more than expected, leading European indices to end the day lower.
US Markets
US Closed
|
Price
|
Change
|
% Change
|
Dow
|
27,572.44
|
461.46
|
1.70
|
S&P 500
|
3,232.39
|
38.46
|
1.20
|
Nasdaq
|
9,924.74
|
110.66
|
1.13
|
GlobalDow
|
2,993.44
|
2.81
|
0.09
|
Europe Markets
Europe Closed
|
Price
|
Change
|
% Change
|
FTSE 100
|
6,472.59
|
-11.71
|
-0.18
|
DAX
|
12,819.59
|
-28.09
|
-0.22
|
CAC 40
|
5,175.52
|
-22.27
|
-0.43
|
FTSE MIB
|
20,231.38
|
43.87
|
0.22
|
IBEX 35
|
7,896.10
|
23.50
|
0.30
|
Stoxx 600
|
374.12
|
-1.20
|
-0.32
|
Commodity
Commodity
|
Price
|
Change
|
% Change
|
Gold
|
1,704.00
|
-1.10
|
-0.06
|
Oil
|
38.69
|
0.50
|
1.31
|