Nifty aims for all-time high levels

The Indian markets are likely to carry a positive baton from the previous trading session. The Nifty, which closed within a striking distance from its all-time high, will aim for a fresh all-time at the opening bell as the BSE Sensex has already registered a fresh all-time high in the last trading session. Overall, the bulls have a firm pitch to bat on as the cues from the global markets are also supportive. In the overnight trade on Wall Street, the major averages ended the day at new record closing highs. At the time of writing this piece, the SGX Nifty is up by 15 points at 12,122 levels.
 
The majority of the Asian markets were trading higher on Tuesday morning on the back of positive leads from Wall Street overnight. Japan’s Nikkei 225 is leading the charge as it has gained 0.60 per cent, Hong Kong’s Hang Seng is up by 0.01 per cent, and China’s Shanghai Composite is almost unchanged. The Chinese tech behemoth, Alibaba, made its debut on the Hong Kong stock exchange with a bang.
 
Back home, Monday turned out to be a marvelous day for the markets, with the BSE Sensex, registering fresh all-time high to close at 40,889 up by 530 points, and the Nifty closed above the 12,050 mark, jumping about 159 points. The market displayed strength from the start of the session and as the day progressed it extended its gains, ending the session near the day’s high. Both the broader market indices, Nifty Midcap and Smallcap, also advanced 1.15 and 0.75 per cent, respectively, yet underperformed frontline indices. On the sectoral front, barring Nifty Media, all the indices witnessed buying interest. Nifty Metal, Nifty Pharma, and Nifty Auto were the top gainers. The advance-decline ratio was leaned towards advancers.
 
In overnight developments, the US equities registered another round of record highs, on the back of the continued optimism about the US-China trade agreement. The Dow jumped about 191 points, the NASDAQ soared 113 points, and the S&P 500 ended 23 points up. The European markets too did well with benchmark indices, closing in the green on Monday.