Will it be a terrific Tuesday?

Markets witnessed its steepest fall in the history in yesterday’s session; however, today, the markets are set for a blistering start, courtesy, positive sentiment from Asian peers. Nifty has corrected over 40 per cent in just 44 trading sessions and this fall is sharper than 2008 financial crisis. At the time of writing, SGX Nifty is trading up by 5.82 per cent at 7,986 levels. Let’s hope that Tuesday turns out be a terrific day for the bulls while, market extended the initial gains.

Asian markets are seen surging higher on Tuesday, encouraged by US Fed biggest bazooka yet, pledging an unlimited programme of bond-buying with newly-minted money. Japan’s Nikkei 225 has jumped 6.74 per cent, Hong Kong’s Hang Seng rallied 4.05 per cent and China’s Shanghai Composite added 1.56 per cent.

Back home, the key benchmark indices witnessed its worst every single day decline on Monday. Markets opened the day with staggering losses and soon, the trading halted for 45 minutes as both the indices hit a lower circuit limit of 10 per cent and sell-off continued when the trading resumed. Nifty plummeted 12.98 per cent and BSE Sensex tumbled 13.15 per cent. In broader market, Nifty Mid-cap and Small-cap lost 13.01 and 12.94 per cent, respectively. Among sectoral indices, all indices ended in red. The rate-sensitive stocks took the largest knock as Nifty Private Bank and Nifty Bank tanked a whopping 17.37 and 16.24 per cent, respectively.

In overnight developments, US stocks finished lower in another volatile session, despite a fresh attempt by US Federal Reserve to protect US economy from Coronavirus pandemic. Dow dove 3.12 per cent, S&P 500 dropped 3.2 per cent, while the tech-heavy Nasdaq posted a miniscule loss of 0.3 per cent. European stock markets too tumbled on Monday.