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SGX hints bullish waves unlikely to recede; Infosys to see some fireworks!

Karan DSIJ
·2-min read

As the saying goes, ‘All’s well that ends well’, that's what was being displayed on D-Street on Wednesday. After initial turbulence, the bulls found their mojo back in the second half of the trading session and the markets ended higher for the tenth day in a row. On Thursday as well, SGX Nifty is indicating that the Indian markets are likely to extend its dream run as it is up by 26 points at 11,988.50.

Infosys announced its quarterly earnings after the market hours and its results were above the estimates. The stock is likely to be in the limelight today and could also see some fireworks initially.

Security in the F&O ban for today is Adani Enterprises, BHEL, Canara Bank, Escorts, IDEA, Jindal Steel, Mindtree, PNB, PVR, and SAIL.

Most of the Asian indices were trading in red on Thursday amid overnight negative cues from Wall Street as the hopes of a fiscal relief package in the US fades after Treasury Secretary Stephen Mnuchin indicated that any potential deal before the election would be quite difficult as both the sides remain far apart. China’s Shanghai Composite is trading up by 0.39 per cent, while Hong Kong’s Hang Seng and Japan’s Nikkei were down by 0.79 per cent and 0.46 per cent, respectively.

Indian markets opened lower on Wednesday and as the day progressed, it extended losses. However, in the last leg of the trade, the bulls were back with a vengeance, aided by banking and financial stocks. As a result, the indices extended their dream run for the tenth straight day. Nifty and Sensex advanced 0.31 per cent and 0.42 per cent, respectively. The broader market indices ended on a mixed note but they continued their recent routine stuff, which is to underperform the frontline gauge. On the sectoral front, Nifty Financial Services, Nifty Bank, and Nifty Private Bank were the top gainers, while Nifty IT and Nifty Pharma were the top losers.

US Stocks extended losses for the second day in a row amid Treasury Secretary Stephen Mnuchin cautioned that a major stimulus package is doubtful to pass before the election as both sides remain far apart over any potential deal on a fiscal relief package. The tech-heavy Nasdaq ended lower by 0.8 per cent, followed by S&P 500 and Dow, which closed down by 0.7 per cent and 0.6 per cent, respectively. On the back of uncertainty about the vaccine of COVID-19, after vaccine candidates’ trial was halted due to safety reasons as well as the rising cases of Coronavirus virus in some regions of Europe; the European indices ended mostly lower on Wednesday.