Markets set for better start!

The last trading session was full of action as in majority part of the session, the bears dominated but just like any Bollywood movie, we see that the ‘hero’ comes and knocks down the villain in the climax, similarly, the bulls came back with a vengeance in the climax of the trade and trimmed majority of the day’s losses. SGX Nifty indicates that the bulls might continue its momentum and open in green with gains of almost 61 points at 12,079 levels. Helping the cause is a cheerful cue from Asian peers along with the assurance from Finance Minister that centre would come up with immediate measures that are required to address the operational issues being faced by the industry and ease congestion at ports as consignments from China pile up amid Coronavirus scare as reported by media.  

The death toll from Coronavirus in mainland China has surpassed the mark of 2,000, however, the new cases fell for a second straight day on Wednesday. The bulls at the time being have been keeping aside the concern of Coronavirus and marching ahead in the early deals. Japan’s Nikkei 225 is up by 0.72 per cent followed by Hong Kong’s Hang Seng, which is up by 0.56 per cent. China’s Shanghai Composite was unchanged.

Back home, the markets extended its losses for the fourth straight session on Tuesday but it closed at the day’s low. Markets started on a weak note and the selling pressure continued as the day progressed. But in last leg of the trade, markets recovered from lower levels and ended at day’s low. Nifty lost 0.44 per cent and BSE Sensex closed 0.39 per cent lower. In the broader markets, Nifty Mid-cap and Small-cap declined 0.56 and 0.35 per cent, respectively. Barring Nifty Media and Nifty IT, all other sectoral indices ended in red. Nifty Metal and Nifty Auto were the major decliners.

After a long weekend, Wall Street resumed its normal course of trading session on Tuesday, however, the beginning of the day was in red as the tech giant Apple warned investors that Coronavirus shutdown in China would impact its operations and sales in the first quarter. As the day progressed, the losses mounted but the market was oversold, which caused the indices to rebound and trim a substantial portion of the day’s losses. At the end of the day, Dow was the worst performer among the major indices of US stock markets followed by S&P 500. Meanwhile, the tech-heavy ended in green with miniscule gains. European indices closed on a weak note. The confidence among investors in Europe’s largest economy Germany declined sharply in February because of Coronavirus fear.