D-Street expected to start on a buoyant note; Reliance Industries AGM to be closely monitored!
Wednesday morning is showing how quickly sentiments change in the stock markets. Bears made headlines across the media, expecting a comeback post a sharp plunge witnessed by Dalal Street on Tuesday and all doomsday stories were back! However, early trends on SGX Nifty suggests that Nifty is likely to open with a gap-up.
At 7:50 AM SGX Nifty was up by 86.50 points at 10,699 levels.
The outcome of Reliance Industries’ Annual General Meeting (AGM) could be a big trigger for the market direction. Hence, market participants today will keep their eyes glued on the AGM. This is because Reliance Industries contributes heavily to the index. Further, as Infosys is slated to announce its earnings today, earnings will be on the radar of market participants.
Post a strong close on Wall Street, Asian indices are seen jumping with joy on Wednesday. Further, encouraging results from trials of coronavirus vaccine added to the buoyancy. Except for China’s Shanghai Composite index all other indices are in green. Japan’s Nikkei 225 gaining the most as it added 1.41 per cent followed by Hong Kong’s Hang Seng that ascended 0.77 per cent.
Asian Markets
|
Asia Opening
|
Price
|
Change
|
% Change
|
|
Nikkei 225
|
22,905.37
|
318.36
|
1.41
|
|
Hang Seng
|
25,674.09
|
196.20
|
0.77
|
|
Shanghai
|
3,409.93
|
-4.70
|
-0.14
|
|
SGX Nifty
|
10,699.00
|
86.50
|
0.82
|
As key domestic benchmark indices plunged nearly 1.81 per cent on Tuesday, the session turned out to be a terrible for the Indian stock market. Nifty ended the day at 10,607.35, while Sensex closed at 36,033. Market breadth remained tilted in favor of the decliners as around 459 stocks advanced, 1,426 of them declined and 74 remained unchanged. On the sectoral front, apart from Nifty Pharma, all other sectoral indices ended in the red. Banking sector underperformed as Nifty Private Bank declined 3.32 per cent followed by Nifty Bank and Nifty PSU Bank. Even the broader indices ended the day in red with Nifty Mid-cap and Nifty Small-cap descending 1.08 per cent and 1.09 per cent, respectively. The India VIX shot up more than 5 per cent to end at 26.64.
On Tuesday, optimism returned on Wall Street, post recording sharp losses on Monday. Dow closed at its best level in a month as it jumped over 500 points. This was amid Dow members kicking off the earnings season on an upbeat note. This was followed by the S&P 500, that also managed to closed at its one month high. As volatility was persistent throughout the session, the tech-heavy Nasdaq witnessed a roller coaster ride. Having said that, it managed to close with gains of a per cent. On other hand, as UK GDP output for May was much softer than expected, European indices ended the session lower. Further, the investor sentiment in Germany weakened in July.
US Markets
|
US Closed
|
Price
|
Change
|
% Change
|
|
Dow
|
26,642.59
|
556.79
|
2.13
|
|
S&P 500
|
3,197.52
|
42.30
|
1.34
|
|
Nasdaq
|
10,488.58
|
97.73
|
0.94
|
|
GlobalDow
|
2,930.75
|
8.57
|
0.29
|
Europe Markets
|
Europe Closed
|
Price
|
Change
|
% Change
|
|
FTSE 100
|
6,179.75
|
3.56
|
0.06
|
|
DAX
|
12,697.36
|
-102.61
|
-0.80
|
|
CAC 40
|
5,007.46
|
-48.77
|
-0.96
|
|
FTSE MIB
|
19,879.75
|
-123.50
|
-0.62
|
|
IBEX 35
|
7,352.00
|
-74.90
|
-1.01
|
|
Stoxx 600
|
370.50
|
-3.10
|
-0.84
|
Commodity
|
Commodity
|
Price
|
Change
|
% Change
|
|
Gold
|
1,811.50
|
-1.90
|
-0.10
|
|
Oil
|
40.52
|
0.23
|
0.57
|