Positive news from the Brexit front boost the Global and Asian Market

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Indian Nifty rallied 0.77 percent for the Tuesday session closing above the 11400 mark at 11428 level. Among the sectoral indices on the NSE, except for the Nifty IT index, all the other indices ended in the green. Auto stocks advanced the most, followed by metal and private banks. The Nifty Auto index ended over 2 per cent higher. Stocks of HDFC Bank, HUL, ITC and Maruti lifted the index.

The eraning season of the Indian Stocks started with Wipro posting a 35.1 per cent year-on-year (YoY) jump in its net profit at Rs 2,550 crore for the second quarter of the financial year 2019-20 (FY20). Gross revenue for the period came in at Rs 15,130 crore, up 4 per cent YoY.

Positive global cues, too, boosted investor sentiment as in the US market Dow surged on Tuesday overnight as strong corporate earnings boosted the earning season. The Dow Jones Industrial Average rose 237.44 points or 0.9% to close at 27,024.80. The market also boosted with positive news from the Brexit front as negotiations between the UK and the European Union were leading closer to a draft Brexit deal and also a deal was possible this week.

The Asian market also got boost from the positive news from the Brexit deal and strong corporate earnings from the US market. Mainland Chinese stocks rose in early trade, with the Shanghai composite up 0.44% and the Shenzhen component gaining 0.27%. Hong Kong’s Hang Seng index was up 0.42%. Japan’s Nikkei 225 jumped 1.56% in early trade. Sectors across the board did well, with autos, tech and retail carving out significant gains. In South Korea, the Kospi rose 0.61%.

Oil prices rose in the morning after falling yesterday. International benchmark Brent crude futures up 0.27% to $58.90 per barrel. WTI sweet Crude rose 0.28% to $52.96 per barrel.

Nifty opens on a positive note today around 30 points against the previous close. The index is trading at 11452 up by 17 points currently. It is positive start for the Indian indices with Nifty above 11,450. The Sensex is up 108.39 points at 38614.48. About 393 shares have advanced, 174 shares declined, and 35 shares are unchanged. IOC, Grasim industries, Zee Entertainment, BPCL, Tata Motors, Dr Reddy’s Laboratories, UltraTech Cement, Tata Steel , Bharti Airtel are among major gainers on the indices, while losers are Infosys, ITC and IndusInd Bank. All the sectoral indices are trading higher led by the infra, auto, bank, metal, pharma and IT.

Disclaimer: https://bmresearch.co.in/ represents Bitupan Majumdar which is an independent research analyst with SEBI RA registration code INH300006962. The report is distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 includes Financial Instruments and Currency Derivatives. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent

 

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