Uncharted territory to be the theme of the day

Going by early indication on SGX Nifty, the bulls at Dalal Street may continue to be in a jubilant and triumphant mood and we believe that uncharted territory should be the theme of the day. As I write this piece, SGX Nifty is up by 20 points and trading at 12,356 level.

The Asian markets have opened on a buoyant note this morning, following the overnight closing of stocks at new record highs on Wall Street. Hong Kong’s Hang Seng and China’s Shanghai Composite trading well in the green. Hang Seng has surged 0.76 per cent and Shanghai composite is up by 0.16 per cent.

Back home, the markets saw a positive momentum right from the beginning of the session, which continued till the end. Nifty closed at 12,282 mark, up by 0.82 per cent, while BSE Sensex rose 0.78 per cent to close at 41,627. The broader markets continued to outperform major indices. Nifty Midcap and Small-cap were up by 1.44 per cent each. On the sectoral front, barring Nifty IT, all other indices closed in the green. Nifty Metal and Nifty PSU Bank were the top gainers.  

As for the global happenings, on the first trading session of 2020, all three major indices were able to post solid gains and, therefore, reach new record closing highs. The rally was fueled by improved sentiment about the economic environment and the US-China trade relations. The Dow jumped 330 points, the S&P 500 added 24 points, and NASDAQ climbed 120 points. The European markets, too, finished on a higher note on Thursday.