Rally may continue on strong global cues

Karan Dsij
/ Categories: Trending, Markets, News

We expect markets to extend their jubilant run on Tuesday as cues from the global markets are supportive. However, Nifty may face resistance around the level of 10,640. The SGX Nifty is indicating that the Nifty could open higher by 35 points around 10,633 at the opening bell.  

Majority of Asian markets surged higher on Tuesday following gains on Wall Street overnight. Japan’s Nikkei 225 has gained 1.37%, followed by Hong Kong’s Hang Seng which has added 0.15%, while China’s Shanghai Composite has lost 0.81%.  

Back home, Monday turned out to be a marvellous trading day for Indian equity benchmarks where bulls registered gains for a second straight session, with Sensex recapturing its crucial level of 34,400, while Nifty ending just shy of the 10,600-mark. After a gap-up opening, the markets mood remained upbeat throughout the day as benchmarks fervently gained from strength to strength. The broader markets also ended in the green as Nifty Mid-cap and Nifty Small-cap rose 0.74% and 0.62%, respectively. Sector-wise, Nifty Realty and Nifty Auto were the top gainers, with gains of 3.13% and 2.24%, respectively.  

The US markets traded jubilantly on Monday with the Dow and S&P 500 logging gains for the third session in a row. The strength on Wall Street came after the continued drop in treasury yields. Traders looked ahead for a busy week that will feature several Federal Reserve speakers, including the new Fed Chairman Jerome Powell’s appearance before the Congress. The Dow Jones Industrial Average rose 399 points to close at 25,709, S&P 500 index gained 32 points to finish at 2,780 and the tech-heavy Nasdaq Composite Index jumped 84 points to end at 7,421. 

The European markets ended the first session of the new trading week in the positive territory. The UK's FTSE 100 moved the most, closing higher by 0.62%, followed by the CAC 40 of France and Germany’s DAX, which added 0.51% and 0.35%, respectively. Europe’s technology stocks were in the limelight and ended as top performers after major telecom operators announced their respective timelines for the adoption of next-generation 5G networks. In European politics, the German chancellor’s Conservative Party has approved the grand coalition agreement with the Social Democrats (SPD) by a wide margin.  


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