The Market Roundup: International and Domestic:
Shares in Europe and Asia were mixed as the situation surrounding the coronavirus pandemic continued to weigh on investor sentiment. In US, major stock indexes finished higher Monday, as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season. Amazon gained 1.54% after several analysts hiked their 12-month price targets on the ecommerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well. The Federal Reserve’s two-day policy meeting kicks off on Tuesday. Investors generally don’t expect the central bank to make any major announcements, but are looking for Chairman Jerome Powell to maintain a dovish tone.
The domestic equity benchmarks hit fresh intraday high in afternoon -BSE->38500 and NSE – >11300 mark.- new High in the recent past in sync with the overseas markets.
Almost all counters showed upward trend excepting a few like Lupin, BEL and IOC. bank Nifty went up more than 600 points from the low and Private Bank shares flared up and in PSB- SBI too was up.
The trend and mood of the investors is positive and barring a small technical correction and profit booking move, the Indices are bound to surge as the pandemic fears are behind the investors due to the vaccine in offing.
Market regulator Sebi on Monday extended relaxation in procedural requirements for listed entities with respect to open and buy back offers till Dec 31 amid Corona Virus pandemic. SEBI also notified guidelines to tighten up the Margin requirements for Equity-Cash market w.e.f 1st Aug 2020 so as to discipline the market operators.
These moves are perceived as positive and the markets are waiting to reward those who take up calculated risks in proven segments.
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