Markets to witness Black Friday

Globally the markets are winding under selling pressure and surely it is going to spill on the domestic markets as well. The early trends on SGX Nifty is indicating a black Friday for the markets. Nifty may open down by astounding 217 points at 9,636. This would be a perfectly follows the famous maxim that ‘Markets Take the Stairs up and the elevator down.’  Therefore, traders and investors should brace themselves to face some revoltingly volatile move in the final trading session of the week. Further, as Supreme Court is to hear the interest waiver case on loan moratorium, in today’s session banking and financial stocks could be in focus.

A sharp plunge was witnessed on Wall Street in overnight trade. This came after the reports indicating rise in coronavirus cases which squashed the positivity of quick economic recovery. As a result, Asian indices drowned on Friday.  Japan’s Nikkei suffered heavily followed by Hong Kong’s Hang Seng and China’s Shanghai Composite.  

Asian Markets

Indian markets marked their worst single-day fall in three weeks on Thursday. All eyes were on the Supreme Court’s hearing on the AGR dues. The apex court asked Department of Telecom (DoT) to consider withdrawing the demand for adjusted gross revenue dues from PSUs. Further, it also asked private telecom operators to file affidavits giving details as to how they will pay AGR dues. At close, Nifty was down by 2.12 per cent to close at 9,902 levels, while Sensex plunged 2.07 per cent to close at 33,538.37. In the broader market, Nifty Mid-cap and Small-cap skidded 1.28 per cent and 0.87 per cent respectively. On the sectoral front, all the indices ended lower wherein Nifty PSU Bank, Nifty Metal and Nifty Bank registered themselves as the top losers. Bears were back in action as decliners outnumbered advancers.

In overnight development, on back of fear of a second wave of coronavirus infections, US equity markets crumbled as stocks across the board fell like ninepins. On June 06, the closely-watched initial jobless claims figures remained elevated, adding to woes. The three major US stock indices recorded the wickedest fall since the March crash. The Cboe volatility index surged nearly 48 per cent to 40.79. Even the European indices ended sharply lower.

US Markets

Europe Markets

Commodity