A glimpse of hope for bulls!
SGX Nifty is indicating a positive start of the day and what’s helping the cause are positive global cues and a steep fall in crude oil prices. Currently, SGX Nifty is trading up by 15 points at 11,722 level. However, we will advise the readers to be cautious and not jump or start buying. As long as Nifty trades below the 11,800 mark, the mantra would be to sell on rallies. On earnings front, key stocks, such as Bharti Airtel and Titan, are scheduled to announce their Q3FY20 numbers.
In Asia, the markets were trading firm in early deals on Tuesday, following positive leads overnight from Wall Street. Hong Kong’s Hang Seng has jumped 1.08 per cent, China’s Shanghai Composite rose 0.63 per cent and Japan’s Nikkei 225 was trading with miniscule gains.
Back home, the markets ended the volatile session on a positive note on Monday. Market started off the week on a negative note but thereafter, it swung both ways, however, buying interest in the selected large-cap stocks, helped indices to end the day in green. Nifty rose 0.39 per cent to close above 11,700 mark and BSE Sensex added 0.34 per cent to close at 39,872. Amongst the broader markets, Nifty mid-cap outperformed the benchmark and jumped 1.08 per cent, while Nifty small-cap dipped 0.14 per cent. On the sectoral front, majority of the sectors ended in positive territory. Nifty Media, Nifty Realty, Nifty Auto and Nifty Metal were the top gainers. On the flip side, Nifty PSU Bank and Nifty IT were the top losers. The volatility index, India VIX cooled off almost 8 per cent as the major economic event was over on Saturday.
In overnight trade, US stocks ended in green; however, it was off day’s high. The tech-heavy Nasdaq outperformed its counterpart as its climbed 123 points or 1.3 per cent, Dow added 144 points and S&P 500 advanced 23 points. In economic news, ISM Manufacturing Index advanced to a reading of 50.9 during the month of January, which was better than the last month’s outcome and also better than expected. This better than expected number may have helped to assure market participants that the domestic economy is still in a good shape. European indices too ended the day in green.