Markets likely to start the day on a cautious note
As markets witnessed a strong rebound from lower levels and closed above the 11,200 level, the 'buy on dip' strategy worked quite well on Thursday's session. On Friday, cues from Asian peers are mostly negative and hence, today's session is likely to begin on a cautious note. However, we believe that as long as Nifty trades above its 20-DMA, the scenario of 'buy on dips' would continue, but the level of 11,220 to 11,260 is likely to act as a strong wall of resistance.
At 7:45 AM, SGX Nifty is trading with a modest loss of 8.50 points at 11,204.5 levels.
Today on the earnings front, key companies such as Bata India, Cipla, M&M, MGL, and Siemens are slated to announce their quarterly earnings.
Asian indices were witnessing morning blues on Friday. Hong Kong’s Hang Seng and China’s Shanghai Composite has drowned 0.65 per cent and 0.57 per cent, respectively. On the back of a spike in the number of coronavirus cases in Tokyo, Japan’s Nikkei 225 was trading down by 0.36 per cent.
Asian Markets
|
Asia Opening
|
Price
|
Change
|
% Change
|
|
Nikkei 225
|
22,337.99
|
-80.16
|
-0.36
|
|
Hang Seng
|
24,769.42
|
-161.16
|
-0.65
|
|
Shanghai
|
3,367.00
|
-19.45
|
-0.57
|
|
SGX Nifty
|
11,204.50
|
-8.50
|
-0.08
|
As the Reserve Bank of India (RBI) maintained a status quo keeping an accommodative stance, Indian markets ended Thursday's session with gains close to one per cent. Even the broader markets ended in green with Nifty Mid-cap and Nifty Small-cap ascended by 1.14 per cent and 0.36 per cent, respectively. On the sectoral front, apart from Nifty PSU Bank, all other sectoral indices ended with gains. Nifty Metal and Nifty FMCG were the top gainers.
On Thursday, the US stocks closed on a sound note with tech stocks leading the way. Amid a better than expected numbers of weekly initial jobless claims, the sentiment on Wall Street remained buoyant. Nasdaq outperformed its counterparts closing above 11,100 level for the first time ever in history. Whereas, a ‘golden cross’ has been observed in Dow Jones. On the other hand, European indices went for a toss post the Bank of England kept interest rates unchanged estimating a slower post-pandemic economic rebound in the UK.
US Markets
|
US Closed
|
Price
|
Change
|
% Change
|
|
Dow
|
27,386.98
|
185.46
|
0.68
|
|
S&P 500
|
3,349.16
|
21.39
|
0.64
|
|
Nasdaq
|
11,108.07
|
109.67
|
1.00
|
|
GlobalDow
|
2995.39
|
-3.89
|
-0.13
|
Europe Markets
|
Europe Closed
|
Price
|
Change
|
% Change
|
|
FTSE 100
|
6,026.94
|
-77.78
|
-1.27
|
|
DAX
|
12,660.25
|
-68.57
|
-0.54
|
|
CAC 40
|
4,885.13
|
-48.21
|
-0.98
|
|
FTSE MIB
|
19,475.15
|
-265.05
|
-1.34
|
|
IBEX 35
|
6,957.90
|
-81.80
|
-1.16
|
|
Stoxx 600
|
362.49
|
-2.67
|
-0.73
|
Commodity
|
Commodity
|
Price
|
Change
|
% Change
|
|
Gold
|
2079.20
|
9.60
|
0.46
|
|
Oil
|
42.08
|
0.13
|
0.31
|