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Nifty may cross 10,000 mark

The Nifty is likely to cross the psychological 10,000 mark. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 103.50 points to 10,082.50 at the opening bell.

Domestic shares spurted on Tuesday, extended its winning run to fifth straight session. Buying was broad based with private banks in the lead. Sentiment got a boost after Prime Minister Narendra Modi assured industry leaders on Tuesday that India will get its economic growth back and is already on that path with government's various reforms. The barometer S&P BSE Sensex jumped 522.01 points or 1.57% at 33,825.53. The Nifty 50 index gained 152.95 points or 1.56% at 9,979.10. Both these indices have jumped 10.5% each in five sessions.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,498.29 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 441.05 crore in the Indian equity market on 2 June, provisional data showed.

Overseas, Asian stocks were trading higher on Wednesday, with optimism over the reopening of economies as authorities ease coronavirus-induced lockdown measures continuing to keep investor sentiment afloat.

Japan's services sector activity stayed deep in contraction in May, although the pace of decline moderated from the previous month, as restraining measures put in place over the coronavirus outbreak hurt business activity and the jobs market.

The final seasonally adjusted au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 26.5 in May from a record low 21.5 in the previous month.

In US, stocks ended higher for a second straight day Tuesday. A restart of business activity from the closures due to the COVID-19 pandemic has been cited as the main reason behind the market's ability to shake off a number of persistent worries of late, including Sino-American tensions and civil unrest in America.

Shares of gun makers and ammunition suppliers soared Tuesday amid the violence in U.S. cities, with Sturm, Ruger & Co. Inc. gaining 4.4%, Smith & Wesson Brands Inc. up 10.1% and Vista Outdoor Inc. advancing 7.5%.

President Donald Trump reiterated threats to deploy military troops across cities facing protests if governors and local officials prove unable to contain violent demonstrations.

Major cities from Los Angeles to New York have been engulfed in nightly protests after George Floyd, a black man, died last Monday following a confrontation with police in Minneapolis in which a white police officer, Derek Chauvin, was captured on video driving his knee onto Floyd's neck until the handcuffed man lost consciousness and later died.



Source: Capitalmarket.com