Domestic benchmark indices might witness a muted start to Tuesday’s trading session with the SGX Nifty trading just 4 points higher during the early hours of trade in Singapore.
Domestic benchmark indices might witness a muted start to Tuesday’s trading session with the SGX Nifty trading just 4 points higher during the early hours of trade in Singapore. S&P BSE Sensex and NSE Nifty 50 enter today’s trading session on the back of two successive days of gains. Analysts believe that stocks markets are still in for some gains in the near-term. Global stocks markets were inching higher. Indices across North America closed with gains while most Asian stock markets too were trading with gains on Tuesday morning as hopes of an early coronavirus treatment got renewed.
Global watch: Dow Jones ended over 1% higher on Monday, followed by S&P 500 and the NASDAQ. Major stock markets in Europe too ended higher. On Tuesday morning, Shanghai Composite was up .34%, while Nikkei 225 and TOPIX surged over 1% each. Stock markets in South Korea were also trading with gains but Hang Seng was seen slipping.
FII and DII trends: Foreign investors pushed Rs 219 crore into domestic equities on Monday while Domestic Institutional Investors pulled away Rs 335 crore, according to provisional data available.
Deals: Societe Generale sold 90 lakh ICICI Bank shares through a Block deal on Monday at a price of Rs 378.60. The stake was picked up by Merrill Lynch Markets Singapore PTE Ltd. around 2 lakh Ramco Systems stocks were bought by Premier Capital & Securities through a Bulk deal. Tower Research Capital Markets India sold over 50 lakh shares of Zee Entertainment.
Results today: Today the following companies will announce their quarterly results; Atul Auto, Can Fin Homes, IRCON International, Jyoti Resins and Adhesives, Kirloskar Electric Company, Phillips Carbon Black, Ruchira Papers, Panache Innovations, Goodluck India, Hindustan Hardy Spicer, etc.
Expert speak: “The global cues got boosted after US regulators authorised the use of blood plasma from recovered patients as a treatment option. On the domestic front, favourable government policies continue to push markets higher especially midcaps and smallcaps,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Technical take: “The short term trend of Nifty continues to be positive. A sustainable move above 11550 levels could have some more upside in the near term, but there is a higher probability of one more profit booking from the highs of around 11500-11600 levels in the short term. Immediate support is placed at 11370,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.