Domestic equities are set to sustain the momentum and move further northwards, as the overall sentiment has turned bullish following the encouraging inflation data in the US.
The sustained gains is likely to see Nifty 50 and Sensex testing record highs, after they hit 1-year highs last week.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals a positive startNifty futures on the Singapore Exchange traded 38.5 points, or 0.21 per cent, higher at 18,474.50, signaling that Dalal Street was headed for a positive start on Monday.
- Tech View: Having decisively crossed the key hurdle of 18150 level on Friday, the trend for Nifty 50 has turned bullish, and analysts see higher probability of the index hitting record high levels.
- India VIX: The strong upmove in stocks amid risk-on sentiment pulled down the ‘far gauge’ sharply on Friday. The volatility index ended 7.5% down at 14.4050 points.
US stocks Stocks on Wall Street rose for the second day on Friday and notched strong weekly gains as data showing a lesser than anticipated rise in inflation last month strengthened prospects for a slowdown in the pace of rate hikes by the Federal Reserve. Technology stocks were among the lead gainers.
- Dow Jones rises 0.1% to 33747.8 pts
- S&P 500 gains 0.9% to 3992.93 pts
- Nasdaq surges 1.9% to 11323.3 pts
Asia shares pauseAsian share markets were taking a breather on Monday after last week’s sweeping rally as a top U.S. central banker warned investors against getting carried away over one inflation number, nudging up bond yields and the dollar.
- S&P 500 futures fell 0.2% as of 9:08 a.m. Tokyo time. The S&P 500 rose 0.9%
- Nasdaq 100 futures fell 0.3%. The Nasdaq 100 rose 1.8%
- Japan’s Topix fel...