Mumbai
Nifty continued its upward momentum today after it closed up by 0.46%. Bank Nifty performed even better as it shot up by 1.49%. Overall, the sentiments got an even higher push today on the hopes that the new COVID-19 being developed by Russia is round the corner. Yesterday, Dow Jones Industrial Average closed up by 1.30%, and at the time of this writing Dow Futures are trading up by 0.92%. This bullish trend for the US markets is spilling across the world as most of the Asian and European markets are mirroring this trend.
The US markets cheered the hopes of new US fiscal stimulus measures and Trump’s announcement of a cut in capital gains tax. Another good news that pleased the investors was the flattening of the curve of new COVID-19 infections in the US. The number of new infections of COVID-19 in the U.S. stayed under 50,000 for a second straight day, strengthening hopes that the virus is coming back under control. On the US-China tensions front, China has given all indications that it is still giving priority to the trade deal, giving another boost to the sentiments. The officials from the US and China are holding talks on the trade front this weekend to review the first phase of the trade deal.
The growth in risk appetite for equities and the recent stability in dollar meant that Gold declined by 2% on Tuesday. However, there doesn’t seem to be any stopping the surge for Nifty and tomorrow could be the seventh straight sessions of gains for the main Indian indices.
