Sensex Today: The Sensex and Nifty benchmark indices opened on a quite note on Tuesday amid tepid moves across global markets.
Sensex Today: The Sensex and Nifty benchmark indices opened on a quite note on Tuesday amid tepid moves across global markets.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are three prominent factors which are driving the ongoing rally in the market: One, better-than-expected strength of the US economy and the increasing confidence that the US will succeed in avoiding a bad recession. This has led to consolidation in the US market. Two, strong buying by FIIs who have been continuous buyers during the last eight trading days resulting in cumulative buying of Rs 13825 crores. Three, fundamental support to the rally from macro indicators such as robust GST collections, improving PMI, high fuel consumption and good credit growth. These positives along with a rising rupee can sustain the rally and take the market higher. But the valuation comfort which was there at the beginning of this rally a month ago is no longer there. This can cap the upside to the market even though the momentum is currently with the bulls.”
Global markets
Stocks in Asia were mixed as investors awaited trade data from China that will provide further signs on the country’s economic recovery.Shares fell in Hong Kong and South Korea, but rose in Japan, where investors parsed earnings from major local firms.
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Tokyo stocks opened higher on Tuesday after a mixed close on Wall Street, helped by a cheap yen as investors awaited key inflation data.The benchmark Nikkei 225 index was up 0.32 per cent, or 92.29 points, at 29,042.17 in early trade, while the broader Topix index added 0.32 per cent, or 6.59 points, to 2,077.80.
US stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this week.
