A gloomy weather at the start

Karan Dsij
/ Categories: Trending, Pre Morning
A gloomy weather at the start

This Thursday morning, going by the early trends in SGX Nifty, looks like we are headed for a depressed open and a shaky trading day as market participants seem to be cautious ahead of the Q2 corporate earnings announcement. The first big corporate results comes today when the IT bellwether TCS and private banking major IndusInd Bank will showcase its July-September quarterly results. IndusInd Bank and TCS will set the tone not only for the respective sectors, but also for the key indices in the near term. 'Results' will be the keyword for the markets over the next few weeks or rather a month or a so from now.  At the time of writing, the SGX Nifty was trading almost 53 points below its yesterdays close at the level of 11,284.

Majority of the Asian markets were trading with modest gains on Thursday morning amid renewed optimism about the upcoming high-level US-China trade negotiations expected to begin today. The Japan's Index Nikkei 225 and the Hong Kong's Hang Seng index have advanced 0.38 per cent each.  While the China's Shanghai Composite has gained 0.30 per cent.  

Back home, what a cracker of a day it turned out to be as bourses snapped its six day losing streak on Wednesday and ended above the key psychological level of 11,300 (Nifty) & 38,150 (Sensex). After opening the session with modest gains, traders turned skeptical as the prospect of the US and China striking a trade deal was dimmed and the markets trimmed their early gains. However, after a volatile first couple hours of trading, the bulls took support at lower levels and took baby steps to march ahead. As day progressed and the news broke out that the government hiked the dearness allowance (DA) by 5 per cent it gave wings to the bulls and there was no looking back for the bulls as they ended sessions near day's high. In the broader market, both Nifty Midcap and Smallcap ended with decent gains of 1.3 and 0.9 per cent, respectively. Talking about the sectoral performance, barring Nifty IT, all other sectoral indices closed in the green. Nifty Bank and Nifty Private Bank surged ended as top gainers.

In overnight development, US Stocks performed well yesterday on the back of media report which stated that China broke the ice and is ready to strike a partial trade deal involving the purchase of agriculture goods from the US. At the closing bell, the Dow climbed a 0.70 per cent above its previous close, while the S&P 500 advanced 0.90 per cent and the tech-heavy Nasdaq jumped about a per cent. European markets too did well with major benchmark indices closing in the green.

Rate this article:
5.0

Leave a comment

Add comment

DSIJ MINDSHARE

Mkt Commentary28-Mar, 2024

Multibaggers28-Mar, 2024

Interviews28-Mar, 2024

Multibaggers28-Mar, 2024

Multibaggers28-Mar, 2024

Knowledge

General26-Mar, 2024

MF25-Mar, 2024

General18-Mar, 2024

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR