Markets to open on buoyant note
Since registering a low on July 16, the bulls on Dalal Street are driving the markets higher as they have rallied close to 5 per cent. The early trend in SGX Nifty suggests that markets are on the verge for another positive opening.
At 7:50 AM, SGX Nifty is trading with gains of 21 points at 11,186 levels.
There are few concerning factors such as the daily spread, that is the difference between highs and lows is shrinking day by day, despite the strong up move in the markets. Further, even the broader markets are not participating with full enthusiasm. Hence, market participants are advised to keep and adhere to a strict trailing stop loss for all their long positions.
Today, on earning front, key stocks including Bajaj Auto, LT and Jindal Steel are slated to report their quarterly earnings.
On Wednesday, except Japan’s Nikkei 225, all major Asian indices are trading with modest gains. Amid contraction in manufacturing sector persisted even in the month of July, Japan’s Nikkei 225 is trading with modest losses. The China’s Shanghai Composite has added 0.27 per cent and Hong Kong’s Hang Seng is just above the neutral line, trading flat.
Asian Markets
|
Asia Opening
|
Price
|
Change
|
% Change
|
|
Nikkei 225
|
22,797.38
|
-86.84
|
-0.38
|
|
Hang Seng
|
25,664.00
|
28.34
|
0.11
|
|
Shanghai
|
3,329.91
|
9.02
|
0.27
|
|
SGX Nifty
|
11,186.00
|
21.00
|
0.19
|
Domestic markets experienced a gap-up opening on Tuesday, as reports dictated optimistic results of vaccine trials and strong global cues. Further, the markets were range bound for the rest of the session, but continued to trade with strong gains. As a result, it was a joyful movement for the bulls as markets extended its gains for fifth straight session. At closing bell, Sensex and Nifty ascended 1.37 per cent and 1.27 per cent, respectively. However, the broader markets underperformed the frontline gauges. On sectoral front, except Nifty Pharma and Nifty FMCG all other sectoral indices ended higher. Nifty PSU Bank, Nifty Bank and Nifty Financial Services were the top gainers.
The US stocks witnessed a mixed session on Tuesday. This was amid Dow and S&P 500 closing in the positive territory whereas, the tech-heavy Nasdaq reverted from its all-time high level to end in red. Energy giants, Chevron and Exxon Mobil aided Dow to advance on account of surge in crude oil prices. Post marathon talks, European markets rallied on Tuesday, as European Union leaders sealed a deal on coronavirus recovery package.
US Markets
|
US Closed
|
Price
|
Change
|
% Change
|
|
Dow
|
26,840.40
|
159.53
|
0.60
|
|
S&P 500
|
3,257.30
|
5.46
|
0.17
|
|
Nasdaq
|
10,680.36
|
-86.73
|
-0.81
|
|
GlobalDow
|
2,999.46
|
6.00
|
0.20
|
Europe Markets
|
Europe Closed
|
Price
|
Change
|
% Change
|
|
FTSE 100
|
6269.73
|
8.21
|
0.13
|
|
DAX
|
13,171.83
|
124.91
|
0.96
|
|
CAC 40
|
5,104.28
|
11.10
|
0.22
|
|
FTSE MIB
|
20,723.42
|
101.94
|
0.49
|
|
IBEX 35
|
7,494.50
|
16.50
|
0.22
|
|
Stoxx 600
|
376.70
|
1.19
|
0.32
|
Commodity
|
Commodity
|
Price
|
Change
|
% Change
|
|
Gold
|
1,857.40
|
13.70
|
0.74
|
|
Oil
|
41.76
|
0.95
|
2.33
|