Dull start for the day!
On the final trading session of the week, SGX Nifty is see-sawing near the neutral line as well as trading flat at 9,118 levels. The second tranche of economic package was unveiled by Finance Minister. She announced a host of schemes for migrant workers, street vendors, small traders and small farmers. There might be a stock specific action seen in today’s trading session in the stocks which might benefit from the announcement but by and large, the markets is looking for sell on rise. Also, the weekend cannot be ruled out as the market participants would be skeptical to carry position during the weekend.
On the earnings front, prominent names such as CIPLA, Aarti Drugs and M&M Finance are some of key corporates slated to report their March quarter earnings today.
Majority of Asian indices were trading in red on Friday despite strong leads from Wall Street. Hong Kong’s Hang Seng has lost 0.61 per cent, Japan’s Nikkei 225 has dropped 0.33 per cent and China’s Shanghai Composite has dipped 0.02 per cent.
Back home, the markets opened the session lower and it continued to remain bearish throughout the day and closed near the day’s low. Nifty and BSE Sensex ended lower by 2.57 and 2.77 per cent, respectively. The advance-decline ratio was in the favour of bears for the day. In the broader market, both Nifty Mid-cap and Small-cap lost 0.35 and 0.99 per cent, respectively. On the sectoral front, barring Nifty FMCG and Nifty Pharma, all other indices ended in red with Nifty IT and Nifty Financial Services being the top losers.
In overnight development, stocks on Wall Street staged a strong comeback and ended the session with strong gains as the market participants expressed optimism about states that are partially reopening. Initially stocks came under pressure amid unemployment and tensions in China. At the end, Dow jumped 1.6 per cent; S&P 500 added 1.2 per cent and Nasdaq Composite rose 0.9 per cent. Meanwhile, European stocks were broadly lower on Thursday as escalating fears about the economic impact of COVID-19 pandemic triggered a sell-off.