Nifty closed with gains another day as expiry led short covering saw banks lead the rally this Thursday to close @ 8650. Bank Nifty posted gains of over 20% from recent lows to close @ 19500. The breadth was positive with mid caps also seeing buying by retail and institutional investors. However, given the fresh bouts of margins and restrictions volumes have dried up with further curtailment expected as the new series sees lowest rollovers.
US Market: US indices see 3rd day of consecutive gains last seen over 90 years back with Dow Jones climbing over 23% from this week's lows. Stimulus package to get President assent today, which sees markets react on the positive side. Bond yields remain fixed near 0.80% even as oil prices see sharp rebound. Stocks fly from oversold territory to overbought in 3 days.
Asian Market: Asian indices opened in the green but gave up most gains as markets played out the Friday blues with consolidation after seeing the best possible week in years. The Japanese Nikkei, which started the global rally, cooled off from over 3% gains to trade up 1.7% as profit booking emerged. The undertone remains pessimistic as Europe continues to see rise in virus cases with the US now slated to be the biggest hit in next coming weeks.