Markets likely to start on a soft note!

A muted start is expected for Indian markets on Monday as cues from Asian peers are mixed. However, stock specific action is likely to continue. Today, the major focus would be on banking heavyweight-HDFC Bank as it reported its number on weekend. The focus would also be on Infosys as it is scheduled to come out with its Q4 numbers. At the time of writing, SGX Nifty was down by 35 points at 9,274 level.  

Asian markets traded on a mixed note on Monday. Japan’s Nikkei 225 dropped 0.89 per cent as data showed that Japan’s trade surplus for March declined more than expected due to COVID-19 as export of the country was severely hit to major trading partners. Meanwhile, Hong Kong’s Hang Seng and China’s Shanghai Composite gained 0.21 and 0.11 per cent, respectively.  

Back home, the markets ended Friday’s session on a firm note led by measures announced by RBI to ensure adequate liquidity and financial stability. BSE Sensex rose 3.22 per cent and the Nifty gained 3.05 per cent. In the broader market, Nifty Mid-cap and Nifty Small-cap added 2.42 and 3.42 per cent, respectively. On the sectoral front, barring Nifty FMCG and Nifty Pharma, all other indices ended in green wherein, Nifty Private Bank and Nifty Bank were the top gainers. India’s VIX has fallen by 7.71 to 42.59.

On Friday, US were buoyant as a report said that Ramdesivir, a drug developed by biotech giant Gilead, saw ‘rapid’ recoveries in a study of COVID-19 Patients. Further, the market participants seemed to react on President Donald Trump unveiled guidelines regarding the reopening of world’s largest economy as well as Boeing to restart the commercial plane production in phases. At the end of the day, Dow jumped three per cent, S&P 500 spiked 2.7 per cent and the tech-heavy Nasdaq added 1.4 per cent. Besides, the markets in European region too ended in green.