Markets likely to extend rally following positive global cues
Indian equity markets are likely to extend their upmove on Tuesday following firm cues from global markets. The SGX Nifty is indicating that Nifty may open up by 24 points at 10,770.
Asian markets climbed higher on Tuesday after the US markets advanced overnight. Hong Kong’s Hang Seng index has jumped 375 points, Japan’s Nikkei 225 index has gained 81 points and China’s Shanghai Composite has added 15 points.
Back home, Monday turned out to be a fabulous day of trading for Indian equity benchmarks with frontline indices recapturing their crucial 35,000 (Sensex) and 10,700 (Nifty) levels, as sentiments got a boost on the back of positive leads from global markets. Buying was not restricted to the large caps as the Nifty Mid-cap and Small-cap rose 0.75% and 0.73%, respectively. Among sectoral indices, most sectors ended on a positive note. Nifty PSU Bank, Nifty Metal and Nifty Media emerged as top gainers, whereas Nifty Pharma and IT declined 0.49% and 0.21%, respectively.
The US stocks ended Monday’s session in the green but well off the peak of the day as President Donald Trump announced via Twitter that he will reveal his decision on the Iran nuclear deal on Tuesday. The Dow Jones Industrial Average finished higher by 95 points at 24,357, S&P 500 rose 9 points to end at 2,673 and the tech-laden Nasdaq climbed 56 points to close at 7,265. Technology stocks took the lead during the day.
The European markets ended the first day of the new trading week firmly in positive territory on the back positive corporate earnings and news of Nestle deal to sell Starbucks products globally. The DAX of Germany advanced 1.00% and the CAC 40 of France rose 0.28%. The FTSE 100 of UK was closed for a bank holiday.