Markets are anticipated to have a soft start

Post frenzied rally over the past four trading sessions, will Indian markets carry forward a positive baton from the previous trading sessions to record gains for fifth consecutive session? The early trends in SGX Nifty is indicating a soft opening for Nifty at the opening bell. At 7:55 AM it was trading lower by 33 points at 10,452 levels.

We believe that after a dazzling rally, index might take a breather. However, stock specific action would continue for the day. For the day, Nifty has support placed at 10,370 levels and on the upside, 10,550 would act as a resistance.  

On Wednesday Asian indices lacked clear conviction as they were mixed, showing little movements. Japan’s Nikkei 225 and China’s Shanghai Composite were up with modest gains of 0.09 per cent and 0.13 per cent, respectively. Whereas, Hong Kong’s Hang Seng was trading with miniscule loss of 0.07 per cent.  

Asian Markets

Indian markets skyrocketed for the fourth consecutive day on Tuesday. This rise was prominently led by banking and financial stocks. Nifty and Sensex jumped about one and a half per cent to 10,471 and 35,430 levels, respectively. In line with the frontline indices, even the broader markets witnessed buying interest with Nifty Mid-cap and Nifty Small-cap adding 1.52 per cent and 1.55 per cent, respectively. On the sectoral front, all sectoral indices ended in the green. Nifty PSU Bank emerged as the top gainer, ending 3.41 per cent higher and appreciated for the fourth straight day. Nifty Realty, Nifty Private Bank, Nifty Bank, Nifty Media and Nifty Financial Services closed with gains between 2 per cent to 2.90 per cent, each.

On Tuesday, US stocks notch higher. Tech-heavy Nasdaq registered another record close, cheered by several economic indicators that came well above the forecasts.  New home sales recorded a better-than-expected jump of 16.6 per cent in May to annual rate of 676,000. For the day, Nasdaq handily outperformed the other two widely quoted US equity indices, Dow and S&P 500. Amid better than expected economic data, European indices too ended on buoyant a note, keeping the concerns of spike in coronavirus cases at bay. The HIS Markit flash Eurozone PMI composite output index advanced to a four-month high of 47.5 in June from 31.9 in May, exceeding the expectations of 43.

US Markets

Europe Markets

Commodity