Jubilant start on cards!
Friday was a blockbuster day for the Indian stock markets as both the key benchmark indices gained over 2 per cent and registered their highest single-day gain nearly in over three months.
The bulls are likely to continue their action from where they left on Friday as SGX Nifty is indicating a blistering start for the markets. SGX Nifty is up by 68 points and trading at 11,108 levels.
The attention of the market participants would be on the hearing of Supreme Court regarding the loan moratorium and interest waiver case as the apex court is set to recommence hearing today. Hence, the financial stocks too would be in focus as the outcome of the hearing will dictate the future direction of the markets.
Asian markets were seen advancing during the early trade on Monday on the back of a solid close on Wall Street on Friday. Japan’s Nikkei 225 added 0.73 per cent while Hong Kong’s Hang Seng was up by 0.48 per cent and China’s Shanghai gained 0.13 per cent.
On the final trading session of the week, the Indian benchmark indices ended its six-day long losing streak as the indices staged a smart recovery with Nifty reclaiming its important mark of 11,000 while Sensex jumped 2.28 per cent to settle at 37,389 level. India VIX cooled off nearly by 12 per cent towards 20.68. The broader indices too were in a jubilant mood with Nifty Mid-cap and Small-cap surging 2.89 per cent and 2.59 per cent, respectively. All Nifty sectoral indices witnessed buying interest, led by Nifty IT, Nifty Media, and Nifty Auto.
Friday turned out to be a Good Friday for the US stocks, aided by technology giants such as Apple, Amazon, and Microsoft. Nasdaq spiked 2.3 per cent and outperformed its counterparts while S&P 500 and Dow gained 1.6 and 1.3 per cent, respectively. Meanwhile, the majority of the European indices ended the day in negative terrain as a surge in the Coronavirus cases raises concern about the pace of economic recovery in the region.