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Joe Biden leads Donald Trump in race for White House; worlds largest Ant Group IPO faces questions before listing!
Karan Dsij
/ Categories: Trending, Pre Morning

Joe Biden leads Donald Trump in race for White House; worlds largest Ant Group IPO faces questions before listing!

Indian markets staged a strong rally on Tuesday and interestingly, India Volatility Index (India VIX) cooled off nearly 4 per cent to 24.24 before a major event such as the US Presidential Election.

It clearly indicates that there is not much anxiety in the market as the market participants are hopeful that Joe Biden would be crowned with the US Presidency and this has triggered a ray of hope across the globe that post-election, a big fiscal stimulus would be announced in the US. Hence, we can see that the volatility is subsidising and greed is setting in.

Apart from this, a lot has been going around the world. Shanghai stock exchange suspended listing of the mega IPO of Ant Group and the world’s biggest oil company i.e. Saudi Aramco, whose net profit plunged 45 per cent in Q3. The early trend in SGX Nifty is indicating a slightly weak start as it’s down by 34 points and trading at 11,792 levels. Immediate support for the index is seen in the zone of 11,720-11,750.

Nearly 90 corporate would announce their quarterly earnings today including Lupin, State Bank of India & Pidilite Industries.

Asian markets are mostly higher amid a strong close on Wall Street overnight. Japan’s Nikkei 225 surged 1.71 per cent while Hong Kong’s Hang Seng added 0.41 per cent. Meanwhile, China’s Shanghai Composite is toying around the neutral line.  

Indian markets kicked off Tuesday's session on a buoyant note and as the day progressed, it gradually inched higher and ended the session near the day’s high. At close, Nifty and Sensex reclaimed their important psychological levels of 40,200 and 11,800, respectively. The broader indices underperformed the frontline gauges with Nifty Mid-Cap and Nifty Small-Cap adding 0.70 per cent and 0.07 per cent, respectively. Amongst the sectors, the banking & financial stocks were once again the showstopper as Nifty Bank, Nifty Financial Services & Nifty Private Bank registered gains of over 3 per cent each.

In overnight developments, the bulls were seen jumping with joy on Wall Street on the back of positive economic data and betting on the victory of Joe Biden. Adding to another dose of upbeat data, the factory orders rose 1.1 per cent MoM in September and were ahead of the estimates. In the end, Dow jumped 2.1 per cent, Nasdaq rose 1.9 per cent and S&P 500 advanced 1.8 per cent. The European indices too closed firmly higher on Tuesday.

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