Positive opening on card likely to be seen today!

The early trend on SGX Nifty indicates that Indian markets are likely to open with a gap-up, following strong cues from Wall Street overnight. SGX Nifty is indicating that Nifty may open 140 points higher at 8,891 levels. Going forward, traders will keenly watch the outcome of key OPEC+ meeting as it will provide further cues for markets across the globe. The market participants will see whether or not, Saudi Arabia and Russia can bring an end to their price war. On the upside, the zone of 9,000-9,150 is a key resistance for the index.

Majority of Asian markets are trading in green on Thursday. Hong Kong’s Hang Seng jumped 0.97 per cent and China’s Shanghai Composite added 0.32 per cent. On the other hand, Japan’s Nikkei 225 declined by 0.31 per cent after three straight days of gains over concerns of the rising number of COVID-19 cases weighed on stocks.

Back home, on Wednesday, the first half clearly belonged to the bulls as they staged a smart recovery from the initial lows and it surged higher. However, in the second half of the trading session, markets resisted at higher levels and erased all of its gains to end with modest losses. Nifty lost 0.49 per cent and BSE Sensex dropped 0.58 per cent. The broader market, however, outperformed the benchmark indices. Nifty Mid-cap and Small-cap added 1.79 per cent each. On the sectoral indices, Nifty Pharma and Nifty Auto were the top gainers and on the flipside; Nifty Realty declined the most followed by Nifty Metal and Nifty IT. 

Wednesday turned out to be a wonderful trading session on the Wall Street as all three of the major indices roared back to life. The key catalyst for the optimism on Wall Street was US Senator Bernie Sanders, who dropped out of 2020 Presidential race. Meanwhile, the minutes from Federal Reserve’s two emergency meetings of the last month were released. The meeting minutes showed that Fed officials were alarmed due to the impact of the virus, which the latter was creating on US economic activity. At the end, Dow and S&P 500 rose 3.4 per cent while, the tech-heavy Nasdaq surged 2.6 per cent. Meanwhile, European markets ended on a mixed note.