Sensex snaps two-day losing streak, Nifty ends shy of 9K; IT stocks under pressure

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Sensex snaps two-day losing streak, Nifty ends shy of 9K; IT stocks under pressure
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Sensex and Nifty snapped two days of dropping streak and closed on a bullish notice on Thursday, monitoring good points in European and Asian counterparts. Whereas Sensex closed 222 factors greater at 30,602, Nifty ended 67 factors within the inexperienced at 8,992.

Earlier, home fairness bourses opened decrease, monitoring losses in Asian counterparts amid dismal US financial information and poor begin of quarterly earnings’ season. Nevertheless, markets turned bullish on the development reversal in SGX Nifty and the next opening in European indices.

Home fairness markets have factored within the lockdown-induced financial injury and proceed taking cues from the development worldwide, consultants mentioned.

With the beginning of March quarterly earnings’ season, the abroad development was blended, as traders keenly awaited company-wise efficiency because the coronavirus outbreak and the monetary injury arising out of the identical.

European indices opened constructive at this time, with CAC and DAX and FTSE buying and selling above 1%. In Asian counterparts, Shanghai, SGX Nifty, Strait Instances have been buying and selling 1% greater, whereas Kospi was flat. Nikkei was down 1.3%, with Hold Seng and Taiwan index buying and selling marginally decrease.

IT shares fell as earnings season began with Wipro reporting weak earnings for the March quarter. The BSE IT index was the worst hit, falling over 2%.

In the meantime, rupee opened at an all-time low of 76.80 and slipped additional to finish at a report low of 76.86 in opposition to the greenback at this time.

On the near-term market outlook, Ajit Mishra, VP – Analysis, Religare Broking mentioned,”It might be tough for markets to take care of the constructive bias for lengthy particularly when the home elements are pointing in any other case. We advise persevering with with a hedged method and sustaining a number of shorts additionally. Whereas the defensives similar to pharma and FMCG are prone to do properly, shares from the banking, auto and metallic area might even see promoting stress at greater ranges.”

Share Market Replace: Sensex ends 222 factors greater, Nifty at 8,992; NTPC, Vedanta, Hindalco high performers

Gold good points as weak financial information heighten recession worries

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