Positive start seen for FY19-20 amid strong global leads

Vinayak Gangule
/ Categories: Trending, Pre Morning
Positive start seen for FY19-20 amid strong global leads

A cracker of a month came to a close as the NSE Nifty50 clocked gains of over 7 per cent in the month of March. For the fiscal 2018-19, the BSE Sensex and NSE Nifty 50 logged decent gains as the Sensex climbed about 17 per cent and the Nifty 50 rose about 15 per cent.  As per early indications from the SGX Nifty, the Friday happy ending is likely to continue on the bourses. It is going to be a buoyant start to the new fiscal as, at the time of writing, the SGX Nifty was up by 51 points at 11,727. Traders will keep an eye on auto sales figures for the month of March, which will start coming in from today. Also, India’s infrastructure  output for the month of February and the external debt are scheduled to be announced today.  

Equities in Asia are trading in a sea of green following strong cues from Wall Street on Friday. According to figures released on Sunday, China’s manufacturing and non-manufacturing Purchasing Manager Indices (PMIs) for the month of March were better than estimates. The Japanese stock market Nikkei has jumped 1.87 per cent and Hong Kong’s Hang Seng index has risen 1.14 per cent.

Back home, the key benchmark indices bid farewell to the last trading session of the financial year 2018-2019 on a positive note with Nifty and BSE Sensex regaining important psychological levels of 11,600 and 38,600, respectively. After a firm start, indices pared their gains and traded choppily. However, in the second-half, the bulls bounced back and ended the day with gains. The broader markets ended in the green as well, with Nifty Midcap and Smallcap advancing 0.97 per cent and 0.28 per cent, respectively. Among sectoral indices, profit-booking was seen in Nifty PSU and Nifty Private Bank, while Nifty Metal surged over 2 per cent.

On the Wall Street, the bulls had a cheerful outing on the last session of the week and the key catalyst were optimism regarding US-China trade negations, better than expected increase in the US new home sales in the month of February and a better read on the consumer sentiment. The Dow Jones Industrial Average jumped 0.8 per cent, the tech-heavy Nasdaq Composite Index rose 0.80 per cent and the S&P 500 Index gained 0.70 per cent. All the three indices made double digit gains for the quarter and registered the finest start for the stocks in over five year.

The European indices ended Friday’s session in the positive terrain. France’s CAC 40 led the pack with gain of just over a per cent, while the DAX of Germany rose 0.86 per cent and UK’s FTSE 100 climbed 0.62.

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