Negative start to the markets likely on weak global cues

Today, the start of the session is likely to be on the lower side as cues from the global peers are negative. The SGX Nifty is pointing that Nifty may open around 10,196.  

Asian shares were a sea of red on Tuesday taking cues from a slump in the US stocks overnight. Japan’s benchmark index Nikkei 225 has shed 0.87%, Hong Kong’s Hang Seng has declined 1.10% and China’s Shanghai Composite has lost 1.16%.  

Back home, bulls took full control on Dalal Street with frontline indices ending the first trading session of the new financial year with a gain of about 1% with Nifty reclaiming its crucial 10,200-mark and BSE Sensex regaining the 33,200 level. The broader indices outperformed the benchmark indices as Nifty Mid-cap and Small-cap surged 1.81% and 1.76%, respectively. Barring Nifty PSU Bank, all the sectoral indices on the NSE ended in the green, as Nifty Pharma and Nifty Auto led with gains of 3.14% and 2.19%, respectively.  

The US stock markets witnessed massacre on Monday with the S&P 500 closing below its 200-day moving average for the first time since June 2016 and the tech-heavy Nasdaq erasing its year-to-date gains. The Dow Jones Industrial Average slumped 459 points to close at 23,644, the Nasdaq plunged 193 points to finish at 6,870 and the S&P 500 lost 59 points to end the day at 2,582. The decision by China to impose tariffs on imports of 128 goods originating from the US and a notable decline by Amazon after President Donald Trump tweeted that the US postal service lost money every time it delivered a package of the e-commerce firm weighed on the markets.  

The European markets were closed for the Easter holiday.