Markets may start on a cheerful note tracking strong global cues
Indian stock markets are set to open on a bright note tracking strong leads from Asian peers and a strong close on the Wall Street. This week is likely to be heavy on data flows. Apart from the start of the quarterly results, the CPI inflation data and IIP data will be announced this week. Market participants will also keep a close eye on development in the trade war and dollar. Nifty 50 index future on the Singapore stock exchange is currently trading higher by 60 points at 10,826. Dish TV will announce its results today.
Asian markets were trading firmly in positive territory on Monday, following positive leads from Wall Street on the back of release of strong employment data for the month of June. China’s Shanghai Composite has jumped 1.65%, Hong Kong’s Hang Seng index has surged 1.55% and Japan’s Nikkei 225 index has risen 1.25%.
Back home, Indian equity markets clocked marginal gains on the last trading session of the week. After starting the session on a cautious note, it gained traction and traded with smart gains for the most part of the day. However, it gave up some of its gains in the last hour of trading as traders preferred to take profits off the table rather than carrying over their positions over the weekend as the Trump administration imposed tariffs on Chinese imports. Nifty gained 23 points to end at 10,773 and the BSE Sensex closed at 35,658 with gains of 83 points. In the broader markets, the Nifty Mid-cap and Small-cap indices moved higher by 0.52% and 0.86%, respectively. On the sectoral front, Nifty Auto and Realty ended as top gainers as these indices surged 1.30% and 1%, respectively, while Nifty Pharma lost 0.91% and ended as a top loser.
The US stocks closed higher on Friday as the market cheered better-than-expected job reports and shrugged off trade worries. The Dow Jones Industrial Average gained 99 points to close at 24,456, the S&P rose 23 points to finish at 2,759 and the Nasdaq Composite Index climbed 101 points to end at 7,688.
The European indices ended Friday session with modest gains. The DAX of Germany added 0.26%, CAC 40 of France rose 0.18% and UK’s FTSE 100 increased 0.19%.