SGX Nifty is flashing ‘red
Indian markets will open after a gap of a day as Tuesday was a trading holiday on the occasion of Holi. The bears have been playing the festival of Holi since the last couple of weeks with ‘red’ colour as red have been dominant with across the board selling and today also, it seems that they are going to dominate as SGX Nifty is flashing red since it is down by 91 points and trading at 10,424 levels. Adding fuel to the fire is India’s count of Coronavirus cases, which rose on Tuesday. Markets are likely to be extremely vulnerable to any news flow till the time Coronavirus as well as Yes Bank issues are satisfactorily sorted out.
Asian markets were mostly down on Wednesday despite a strong close on Wall Street overnight on stimulus hopes. Japan’s Nikkei 225 is down by 1.37 per cent and Hong Kong’s Hang Seng is trading lower by 0.22 per cent while, China’s Shanghai Composite is trading with miniscule gains of 0.07 per cent.
Back home, the markets ended sharply in red on Monday after a huge gap down opening following a sell-off in global equities and worst one-day crash in crude oil prices. However, a recovery from lower levels helped the main indices to curb the losses to certain extent. At the closing bell, BSE Sensex slipped 5.17 per cent to 35,635 and Nifty dropped 4.90 per cent to 10,451. The broader markets, Nifty Mid-cap and Small-cap too ended lower by 4.93 and 5.28 per cent, respectively. All the sectoral indices witnessed heavy selling pressure and ended with losses wherein Nifty Metal, Nifty Media, Nifty PSU Bank and Nifty Private Bank were the top losers.
US markets rebounded on Tuesday, one day after their largest drop since October 2008. The rebound in US stocks was seen on the back of President Donald Trump pledge to provide substantial relief to fight Coronavirus induced recession. Dow jumped 4.9 per cent, Nasdaq rallied five per cent and S&P 500 added 4.9 per cent. On the other hand, the major European indices gave away their early gains and moved to downside, German DAX and French CAC 40 plunged 1.4 and 1.5 per cent, respectively.