Terrific Tuesday: Up & up we go; Nifty eyes for 14,000 mark!

Fireworks are likely to continue on D-Street today also, as SGX Nifty indicates that Nifty could climb 50 points at the opening bell and open around 13,938.50 levels. 

Indian markets witnessed a rollicking start in the final week of 2020 and closed at a new record high with a very favourable advance-decline ratio, hinting at a broad-based rally. Further, Bank Nifty, which of late was seen going into a shell, managed to outperformed Nifty. Bank Nifty has retraced its entire fall of the last Monday in four trading sessions and now, it is exactly trading near its previous swing highs. Going ahead, a move above the levels of 30,950-30,980 could open doors for a further upside and this could help Nifty to test another milestone of 14,000 mark soon.  

Asian markets rose on Tuesday after a strong close overnight on Wall Street. Japan’s Nikkei 225 has jumped more than 400 points and logged a fresh 52-week high. Hong Kong’s Hang Seng gained more than half a per cent and was trading within a striking distance from the 26,500 mark. Meanwhile, China’s Shanghai Composite was trading on a tepid note.

US markets opened on Monday after a long weekend, following Christmas holiday and stepped into the final week of 2020 with a strong suit. The news of US President Donald Trump putting his signature on a long-awaited stimulus packaged turned out to be Christmas presents for the stock markets as they scaled to new record closing highs. 

Meanwhile, Dow gained 0.7 per cent, S&P 500 index rose 0.9 per cent and the tech-heavy Nasdaq advanced 0.7 per cent. European equities finished higher on Monday, after getting a boost from the news that the US President has signed the stimulus package and also due to the onset of the vaccine drive by the European Union.