Bullish sentiments likely to extend rally
Key benchmark indices are expected to extend their upmove on Tuesday as leads from Asian markets are supportive. The SGX Nifty indicates that the Nifty could open around 10,660 level with gains of 28 points at the opening bell.
Majority of Asian stocks have witnessed a steady start on Tuesday. Japan’s Nikkei index is leading as it has gained 0.54% followed by Hong Kong’s Hang Seng which has risen 0.17% and China’s Shanghai Composite which has added 0.08%.
Back home, key benchmark indices touched record highs for a second consecutive session on Monday led by pharma and IT stocks. Broader indices also continued their positive momentum and outperformed the benchmark indices. Nifty Mid-Cap and Small-Cap indices rose 1.02% and 1.45%, respectively. At the closing bell, the BSE Sensex added 0.58% to settle at 34,353 and Nifty climbed 0.61% to finish above the milestone of 10,600 for the first time ever.
On Monday, the S&P 500 and the Nasdaq closed at new record highs, while the Dow Jones Industrial Average bucked the trend and ended with modest losses. The Dow slipped 3 points to finish at 25,283. On the other hand, the Nasdaq rose 21 points to settle at 7,157 and the S&P 500 added 5 points to close at 2,748.
Most of the European indices ended the first session of fresh trading week with gains. Market participants to a great extent ignore disappointing German factory orders report after Eurozone investors’ confidence and retail sales data topped expectations. The DAX of Germany gained 0.36%, CAC 40 of France added 0.31% and FTSE 100 of the UK shed 0.36%.