Markets may open flat following weak global cues

Karan Dsij
/ Categories: Trending, Pre Morning
Markets may open flat following weak global cues

The Indian markets saw a fantastic finish on Tuesday with the key benchmark indices hitting record closing highs. The Thursday's session may open with the bulls taking a breather and the session may open on a flat note as cues from global peers are subdued. However, market participants may follow the mantra of buy on dips on Dalal Street today and any dip towards the Tuesday’s gap area would be eyed as a buying opportunity. At the time of writing, SGX Nifty was trading at 11,852, up by 3 points. The quarterly numbers on tap are Reliance Industries, DCB Bank, Tata Sponge, RBL Bank and ICICI GI. On the general election front, the voting for second phase of the Lok Sabha 2019 has started.

A majority of the Asian markets are trading with losses on Thursday on the back of tepid session on the Wall Street overnight. The Japanese stock market Nikkei is down by 0.50 per cent, Hong Kong’s Hang Seng has declined 0.53 per cent and China’s Shanghai Composite has dipped 0.20 per cent.

Back home, Tuesday turned out to be a scintillating day for the bulls as benchmark indices marked new record highs. The BSE Sensex and Nifty settled at fresh record closing high levels, with gains of 0.95 per cent and 0.83 per cent, respectively. The benchmark indices opened the session on a strong note and the bulls never looked back as they maintained strong gains throughout the day. The broader market indices underperformed the benchmark as the Nifty Midcap dipped 0.03 per cent, while the Nifty Smallcap closed unchanged. Barring Nifty Realty, Nifty PSU Bank and Nifty IT, all the other sectoral indices witnessed buying interest. Nifty Private Bank and Nifty Bank ended as top gainers.

After bouncing back and forth across the unchanged line for a major part of the Wednesday's session, the US stocks closed flat with a negative bias as market participants digested a slew of mixed earnings and better-than-expected read on the trade balance. The stocks of PepsiCo and Morgan Stanley gained after reporting quarterly results as earnings came in better than the estimates. On the flip side, Netflix and IBM dragged Dow Jones lower. The Dow Industrial Average closed almost unchanged at 26,450, the tech-heavy Nasdaq shed 0.05 per cent and the S&P 500 index dropped 0.23 per cent.

The European markets ended Wednesday’s session in the green. The France’s CAC 40 gained 0.62 per cent and the DAX of Germany rose 0.43 per cent, while the UK’s FTSE 100 closed flat.

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