Optimistic start likely for the markets

Karan Dsij
/ Categories: Trending, Pre Morning, Markets

Today, the markets are likely to make an optimistic start following firm global cues. Also, traders will be getting support from the report that net direct tax collection in the April-Feb period of 2017-18 showed a whopping 19.5% growth from the year ago period to Rs 744,000 crore. The SGX Nifty is indicating that the Nifty could open with gains of 40 points around 10,278 at the opening bell.  

Direct tax collections for April- Feb period, was up by 19.5% at Rs 744,000 crore. Net corporate income tax collections increased by 19.7% during the period, while personal income tax receipts surged by 18.6%.  

Majority on Asian benchmarks are buoyed on Friday following news that North Korean leader Kim Jong Un had offered to stop nuclear and missile testing and to arrange a meeting with the US president Donald Trump. Japan’s benchmark Nikkei 225 has added 170 points, Hong Kong’s Hang Seng has surged 199 points and Shanghai Composite has gained 3 points.  

Back home, Indian equity benchmarks ended the six-day losing streak on Thursday. After an optimistic start, the markets failed to capitalise on the strong opening gains and it looked like the markets were heading for the seventh successive session of losses. However, in the second half of the trading session, bulls came charging in and the markets ended on a higher note on the back of short covering. The BSE Sensex closed higher by 318 points at 33,352 and the Nifty closed shy of the 10,250-mark. Among the sectors, Nifty PSU Bank and Nifty Fin Service emerged as top gainers, while Nifty Metal, Nifty FMCG and Nifty Pharma ended in the red.  

The US stock markets ended Thursday’s session in positive territory, with the tech-heavy Nasdaq closing higher for the fifth consecutive session after President Donald Trump signed a proclamation to impose traffic of 25% on imported steel and 10% on aluminium, but exempted Canada and Mexico, while allowing other countries to negotiate exclusions. The Dow Jones Industrial Average rose 94 points to end at 24,895, the S&P 500 gained 12 points to finish at 2,739 and the Nasdaq Composite index surged 31 points to close at 7,428. Market participants will look for the release of the US Labour Department’s closely watched monthly jobs report on Friday.  

The European stock markets jumped to a one-week high on Thursday following a policy decision from the European Central Bank. The European Central Bank kept its interest rates unchanged, but dropped its easing bias, fuelling expectations that it will normalise monetary policy in the euro area. Germany’s DAX climbed 0.90%, CAC 40 of France finished higher by 1.28% and the FTSE 100 of UK finished up 0.63%.   

Previous Article Women fund manager at par with their peers in performance
Next Article Index trend and stocks in action March 09, 2018
Rate this article:
5.0

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