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Stock Market Live: Sensex jumps 700 points, Nifty above 14,700 as bond market calms; all sectors in the green
Markets turn positive..Gap-open. FIIs sold on Friday
Stock Market Live: Indian indices opened over a percent higher on Monday recovering from the previous session’s massive selloff. The gains were on the back of a rally in global markets as bond markets calmed a bit after last week’s spike. Domestically, the markets witnessed broad-based buying across all sectors led by auto, banks, IT and energy.
“”The massive sell-off last Friday which saw the Nifty crash by 568 points indicates the market’s vulnerability to negative triggers at high valuations. The massive FII selling of Rs 8295 crores is indeed a serious concern even though DIIs have turned buyers. Also, FIIs unwinding their longs and opening fresh shorts is a negative signal. The positive factor is the US 10-year yield settling at 1.41%, falling from a high of 1.61%. Stability in bond yields will calm markets. It is also important to appreciate the fact that the rise in yields also indicates a revival of economic growth. In this excessively volatile market, investors may wait for consolidation. Dips may be used to buy quality stocks in segments like financials & IT. Meanwhile, India is technically out of recession with the Q3 GDP data turning positive with 0.4% growth.”
Opening Bell: Sensex, Nifty open a percent higher as bond markets calmed
Indian indices opened a percent higher on Monday recovering from the previous session’s massive selloff. The gains were on the back of a rally in global markets as bond markets calmed a bit after last week’s spike, meanwhile, progress in the huge U.S. stimulus package underpinned optimism about the global economy. At 9:17 am, was trading 500 points higher at 49,600 while the Nifty rose 165 points to 14,694. Domestically, the markets witnessed broad-based buying across all sectors led by banks, financials and energy. Meanwhile, broader markets also started the week on a higher note with the midcap and smallcap indices up over a percent each. On the Nifty50 index, ONGC, IOC, UPL, Coal India and UltraTech cement were the top gainers while only Bharti Airtel and SBI Lifed were in the red in opening deals.
Asian stocks bounce as bond market calms
Asian shares firmed on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy. China’s official manufacturing PMI out over the weekend missed forecasts, but investors are counting on better news from a raft of U.S. data due this week including the February payrolls report. Also helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, after shedding 3.7% last Friday. Japan’s Nikkei rallied 2.0%, while NASDAQ futures bounced 0.8% and S&P 500 futures 0.7%.
Oil prices climb after progress on huge US stimulus bill
Oil prices rose more than USD 1 on Monday on optimism in the global economy thanks to progress in a huge US stimulus package and on hopes for improving oil demand as vaccines are rolled out. Brent crude futures for May rose USD 1.07, or 1.7 percent, to USD 65.49 per barrel by 0042 GMT. The April contract expired on Friday. US West Texas Intermediate (WTI) crude futures jumped USD 1.10, or 1.8 percent, to USD 62.60 a barrel. More positive news on the coronavirus vaccination front and signs of an improving Asian economy also boosted prices.
US securities watchdog suspends trading in 15 stocks over hyped social media activity
The United States Securities and Exchange Commission (SEC) said that it suspended trading in the securities of 15 companies on Friday because of “questionable trading and social media activity”. The latest step is the third and largest in a series of temporary trading halts in response to social media activity amid volatile trading in “meme stocks”. One of the firms, Blue Sphere Corp — a penny stock — was recently highlighted in a report after its spike in value following a barrage of online posts. Few days ago, SEC suspended trading in SpectraScience, whose shares had surged 633 per cent in 2021
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