- In other words, the Sensex and Nifty will need gains of 270.38 points and 80.25 points respectively on Friday to recover all of the weekly losses.
- Analysts say the domestic markets will take cues from global peers and some volatility can be expected in the coming sessions.
- “Friday can be a weak volume day with a positive bias as the result season is behind and the government is indicating few measures in next few weeks,” AK Prabhakar, head of research at IDBI Capital, told NDTV.
- The stock markets suffered sharp losses on Tuesday to break a two-day winning run, with the Sensex ending 623.75 points – or 1.66 per cent – lower at 36,958.16 and the broader Nifty finishing down 183.80 points – or 1.65 per cent – at 10,925.85.
- A sharp selloff across financial, auto and IT stocks dragged the indexes lower on that day, making it the worst day of the month.
- On Wednesday, the markets registered a strong rebound tracking global peers, after Washington delayed tariffs on some Chinese imports. The Sensex and Nifty ended 0.96 per cent and 0.95 per cent higher on that day.
- Gains in energy sector supported the markets on both days, led by Reliance Industries, which is up 10.87 per cent for the week. That has contributed to a 2.89 per cent rise in the NSE Nifty Energy index – which comprises petroleum, gas and power stocks – during this period.
- On Tuesday, Reliance Industries shares saw their biggest intraday rise in a more than a decade, a day after the conglomerate set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.
- “Market participants would keep a watch on movement of crude oil price and rupee/dollar,” said Ajit Mishra, vice president-research, Religare Broking. “Besides, progress on the US-China trade talks would boost investor sentiment.”
- The Donald Trump administration said on Tuesday that the US would hold off on imposing additional 10 per cent tariffs on key Chinese goods, including laptops and cellphones – tariffs that were originally set to go into effect next month. That brought some relief to global markets rattled by a bruising trade conflict.
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Source: NDTV Profit