Gap-up opening for markets!
The announcement from US Fed to purchase individual corporate debt is likely to boost the sentiment on the Dalal Street. Early trends on SGX Nifty suggests that bulls are likely to hit a double century at the opening bell. At 7:51 am, SGX Nifty was trading up by 1.97 per cent at 9,889.50 levels. Said that, it would be interesting to see if Nifty crosses and reclaims its milestone level of 10,000 with supremacy or the early gains would just vanish and give us an indication that every rise is used for offloading positions as market participants not being comfortable at higher levels. Post Tamil Nadu has announced the lockdown in key districts till June 30, it senses that other states too may follow the suit.
In an overnight trade, a strong close was witnessed on Wall Street and as a result, Asian indices were buoyant on Tuesday. Ahead of the Bank of Japan’s monetary policy decision due today, Japan’s Nikkei 225 has ascended by massive 709 points. Hong Kong’s Hang Seng has jumped 653 points and China’s Shanghai Composite index added 24 points.
Asian Markets
|
Asia Opening
|
Price
|
Change
|
% Change
|
|
Nikkei 225
|
22,240.23
|
709.28
|
3.29
|
|
Hang Seng
|
24,430.17
|
653.22
|
2.75
|
|
Shanghai
|
2,914.46
|
24.57
|
0.85
|
|
SGX Nifty
|
9,989.50
|
193.00
|
1.97
|
On Monday, domestic markets were under pressure right from the word go and as the day progressed, selling pressure just exuberated. However, the last leg of trade showed some recovery which helped markets to trim some of its losses. But in the end, Sensex and Nifty lost 1.30 per cent and 1.60 per cent respectively. Talking about broader markets, Nifty Small-cap was strong enough to end in green with gains of 0.37 per cent and therefore, market breadth was almost flat. On the other hand, Nifty Mid-cap plunged 1.19 per cent. On the sectoral front, most of the sectoral indices ended in red with Nifty Private Bank and Nifty Bank registering themselves as top losers. On the flipside, Nifty PSU Bank was the top gainer. The volatility index, India VIX, hopped over 6 per cent to 32.71.
On the first trading session of the week, what a turnaround it was on Wall Street. All three major US stock indices showed a smart recovery from the lower levels to end the day in green. This was led by the announcement from Federal Reserve to purchase individual corporate bonds as a part of its stimulus measures. The tech-heavy Nasdaq gained nearly 1.5 per cent. Dow recovered almost 1,000 points from day’s low. Despite a smart recovery from the early blow, majority of the European indices ended in red on Monday.
US Markets
|
US Closed
|
Price
|
Change
|
% Change
|
|
Dow
|
25,763.16
|
157.62
|
0.62
|
|
S&P 500
|
3,066.59
|
25.28
|
0.83
|
|
Nasdaq
|
9,726.02
|
137.21
|
1.43
|
|
GlobalDow
|
2,811.88
|
19.43
|
0.70
|
Europe Markets
|
Europe Closed
|
Price
|
Change
|
% Change
|
|
FTSE 100
|
6,064.70
|
-40.48
|
-0.66
|
|
DAX
|
11,911.35
|
-37.93
|
-0.32
|
|
CAC 40
|
4,815.72
|
-23.54
|
-0.49
|
|
FTSE MIB
|
18,969.29
|
81.13
|
0.43
|
|
IBEX 35
|
7,259.30
|
-33.40
|
-0.46
|
|
Stoxx 600
|
353.09
|
-0.97
|
-0.27
|
Commodity
|
Commodity
|
Price
|
Change
|
% Change
|
|
Gold
|
1,736.60
|
9.20
|
0.53
|
|
Oil
|
36.81
|
-0.31
|
-0.84
|