SGX Nifty indicates a quiet start!

Indian markets are likely to witness a quiet start on Thursday; stalking moderate gains in the Asian stocks. However, as the day progresses, one can witness some volatility moves, especially in the banking stocks as Supreme Court of India is set to resume hearing on loan moratorium. Meanwhile, SGX Nifty is up by 10 points at 11,316 levels.

The majority of the Asian markets were trading in the green on Thursday, following a strong close on Wall Street overnight. Japan’s Nikkei 225 is leading the way after the Japanese core machine order rose 6.3 per cent in July from its previous month. Hong Kong’s Hang Seng and China’ Shanghai Composite were trading with minuscule gains of 0.04 per cent and 0.17 per cent, respectively.

Indian markets made a dramatic comeback to end Wednesday’s session with modest losses. Sensex and Nifty lost 0.45 per cent and 0.35 per cent, respectively. The broader market underperformed the benchmark wherein Nifty Mid-cap and Small-cap ended lower by 0.54 per cent and 1.51 per cent, respectively. Talking about the sectoral performance, Nifty Pharma, Nifty Media, and Nifty Metal were the top gainers while on the flipside, Nifty PSU Bank and Nifty Bank became the top losers.

On Wall Street, after a couple of sessions of the onslaught by the bears, the bulls were back with a vengeance as the market participants grabbed the opportunity with both hands to buy the dip in tech stocks. 

Further, the recent incoming data aided the bullish sentiments as job openings & labor turnover survey (JOLTS), a survey done to measure job vacancies by United States Bureau of Labor Statistics (BLS), increased more than expected.

The tech-heavy Nasdaq outperformed its counterpart as it jumped 2.7 per cent to end at 11,142 mark, while S&P 500 advanced 2 per cent to settle just shy of 3,400 mark and Dow surged 1.6 per cent to close at 27,941 mark. European indices too ended the session in green on Wednesday. The market participants would be all their ears to the European Central Bank’s interest rate decision which is due later in the day today as this could dictate the trend of markets in the near term.