Markets to open in green amid positive global cues

The Indian markets are likely to carry a positive baton from the previous trading sessions.  Nifty, which closed above the 11,500 mark, will now aim for the next important psychological level of 11,600, and helping the cause is the positive global cues.

The early trend in SGX Nifty indicates that the benchmark index may open around 11,583 mark, up by 23 points. Thus, the markets need to keep a close eye on the developments between India and China. In a recent move, India has banned 118 Chinese apps, which include a popular youth game called PUBG. Apart from this, the market participants will closely monitor Supreme Court hearing on loan moratorium.  

Asian markets were trading in the green on Thursday on the back of record close on Wall Street overnight. Japan’s Nikkei 225 is leading the way as it has gained over 1 per cent, followed by Hong Kong’s Hang Seng and China’s Shanghai Composite, which has added 0.31 per cent and 0.11 per cent, respectively.

Indian markets extended their winning streak for the second day in a row on Wednesday. Nifty and Sensex advanced 0.56 per cent and 0.48 per cent, respectively. The start to the day was subdued and thereafter, markets swung both ways. However, it was only in the last leg of the trade that the bulls displayed their supremacy courtesy buying interest seen in Nifty Metal, IT, and Auto. The broader indices outshined the benchmark with Nifty Mid-cap and Small-cap jumping 1.49 per cent and 1.72 per cent, respectively. India VIX continued its southward journey for the second straight day as it slipped nearly 4 per cent for the day.

The US stocks extended their gains on Wednesday despite lower-than-expected ADP private-sector employment report. However, the market participants seemed optimistic after Centres for Disease Control & Prevention (CDC) tells states to prepare for COVID-19 vaccine distribution by early November. S&P 500 and Nasdaq registered a new record closing high and following this, Nasdaq surged a milestone of 12,000 mark. Dow also reclaimed its important 28,000 mark and recorded the best closing in over six months. The European markets also ended the day on an upbeat note.