Soft start for the markets expected on weak global cues

Karan Dsij
/ Categories: Trending, Pre Morning, Markets

Indian markets may start the session on muted note tracking mixed leads overnight from Wall Street. The SGX Nifty is pointing that Nifty may open with modest loss of 14 at 10,574.    
Majority of the Asian stock markets are trading in the green on Tuesday shrugging off the mixed leads overnight from Wall Street and concerns about rising US bond yields. Japan’s benchmark index Nikkei 225 has surged 135 points with a weaker safer-haven yen supporting shares. China’s Shanghai Composite has jumped 44 points and Hong Kong’s Hang Seng has gained 316 points.  

Back home, key benchmarks kick-started the trading week on a positive note and extended their upmove as the day progressed. However, indices pared most of their gains in the last leg of trading and ended the Monday’s session on a flat note. The Sensex closed at 34,451, up by 35 points and Nifty settled at 10,585, up by 21 points. The broader indices ended in the green with Nifty Mid-cap and Small-cap gaining 0.51% and 0.18%, respectively. Sector-wise, Nifty Realty and Nifty Pharma ended higher by 1.61% and 1.48%, respectively.   

The US stocks oscillated over the course of the trading session on Monday before ending the day marginally lower. The Dow Jones ended in the red for the fourth consecutive session. The weakness on the Wall Street came amid fears about rising treasury yields as the 10-year treasury note climbed and settled just below the psychologically important level of 3%. The Dow slipped 14 points to close at 24,449 and the Nasdaq lost 18 points to finish at 7.129, while the S&P 500 closed virtually unchanged.  

The European indices ended the first trading session of the week on a positive note. Swiss bank UBS reported better-than-expected first quarter earnings, but the stock tumbled 2.50% as investors were disappointed by the performance of its global private wealth management division. The DAX of Germany rose 0.25%, CAC 40 of France climbed 0.25% and the FTSE 100 of UK gained 0.42%.

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