Markets to open with negative bias

Indian markets may remain under pressure at the opening bell as negative sentiments prevailing among the global peers might affect the Indian markets. As TCS managed to post a positive top line growth despite pandemic challenges and also the management sounded bullish about the company prospects, markets might get some relief from TCS earnings and management commentary. Further, the management also said that the impact of Covid-19 might have bottomed out.  The level of 10,670 is acting as a crucial support for the index and if breached would create panic among the market participants.

At 7:50 AM, SGX Nifty is trading down by 36 points at 10,798.50 levels.

Amid fear of rising coronavirus cases in the US pushed investors to risk-off mode. As a result, Asian indices are trading lower on Friday. China’s Shanghai Composite dropped by 0.71 per cent, leading the fall. This was followed by Hong Kong’s Hang Seng that fell 0.7 per cent and Japan’s Nikkei 225 that plunged 0.23 per cent.

Asian Markets

As Indian equity benchmark indices ended the weekly F&O expiry session with gains of over one per cent, bulls got their charm back after a pause of a day. The Prime Minister’s address at the India Global Week summit boosted the sentiment. While addressing the summit he said that, the economy is seeing green shoots and India to play principal role in revival of global economy. At the closing bell, Nifty advanced by 1.01 per cent to close above 10,800 level and Sensex ascended 1.12 per cent to settle at 36,738. Even the broader markets ended with gains as Nifty Mid-cap and Nifty Small-cap added 0.54 per cent and 0.38 per cent, respectively. On sectoral front, apart from Nifty FMCG all other sectoral indices ended in green with Nifty Metal and Nifty Financial Services registered themselves as top gainers. Indian VIX was down by 5 per cent, ending near to the four-month low at 24.91.

Amid surge in coronavirus cases across the US leading to worries of another lockdown, market participants preferred to book profit in overnight trade. As a result, two of the major three indices on Wall Street ended in red. Though the initial jobless claims continued to be moderate, still is well above 1 million mark. Having said that, the tech-heavy Nasdaq Composite Index continued its dream run and registered yet another record closing high and became the superstar of Wall Street. On Thursday, European Indices continued its journey southward by extending its fall for third straight session.

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Commodity