Sensex, Nifty could open with gains; PM’s meet with bankers, other factors that may move markets today

One category consists of huge bear markets that sustain long enough to cause tremendous and lasting damage not just to investor wealth and psyche, but also to the economy.News surrounding the coronavirus vaccine has been positive in the past few weeks.

Domestic benchmark indices were in the firm control of bulls on Tuesday as they surged higher to a 5-month high. S&P BSE Sensex ended with gains of 558 points while the Nifty 50 closed at 11,300 mark. Analysts believe that global cues on the back of the US Fed monetary policy meeting helped push domestic markets along with the better than expected earnings season. On Tuesday, the fear gauge of domestic stock markets India VIX slipped 5%. In the near term, Sensex and Nifty are expected to inch higher, helped by the Fed and earnings of some index heavyweights.

SGX Nifty: Hinting at a positive start for domestic stock, SGX NIfty was trading higher by 46 points on Wednesday morning. 

Global peers: In the United States, stock markets ended in the red despite lawmakers efforts to push a $1 trillion coronavirus aid package. In Europe, FTSE was up in the green while stock markets in Germany and France were trading with losses. Asian peers, on Wednesday morning, were mixed. Shanghai Composite and Hang Seng traded with gains while Nikkei 225 and TOPIX were in the negative territory. Stock markets in South Korea were trading with gains.

Prime Minister to meet bank, NBFC officials: Prime Minister Narendra Modi is set to meet executives of leading banks and non-bank financial companies today. “The topics on agenda include credit products & efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector,” the Prime Minister’s Office said in a statement. 

Coronavirus vaccine: News surrounding the coronavirus vaccine has been positive in the past few weeks. Now, Moderna Inc.’s vaccine candidate has helped 16 monkeys beat the virus even when exposed to it. Now the vaccine has entered human trials to test if the results are replicated.

FIIs and DIIs: Foreign investors bought equities worth Rs 246 crore on Tuesday while domestic institutional investors were seen selling stocks worth Rs 1,017 crore. 

Results today: Today India’s second largest telecom operator Bharti Airtel will announce its April-June quarter results. Along with it, InterGlobe Aviation will also announce its quarterly results. Other companies that will inform the Street how their operations during the last three month have been include; Maruti Suzuki, GSK, Colgate-Palmolive, and Dr Reddy’s Laboratories.

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