Ajay Bagga heralds start of new global bull market in chat with Anil Singhvi; check India outlook

The new bull markets have arrived in the US and this is reflected in the markets now trading above previous highs, expert Ajay Bagga said in a chat with Zee Business Managing Editor Anil Singhvi today. When the markets go above their last highs, a new bull market starts, he explained. In the US, the initial bull market started from 23rd March. The new bull market started in the US on Tuesday, he revealed.

The new bull markets have arrived in the US amid the coronavirus pandemic. The country has been reporting decline in the number of infections and deaths. The 7-day average is coming down now, he further said. The economic numbers from there are also encouraging whether it is housing numbers or retail consumption. In China it happened a bit earlier. 

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 The Indian stock markets will now come in the catch-up mode, he added. The momentum is there and the month of August, which otherwise sees some correction, is looking good this time.

He said that though the Indian stock markets need to do a lot of catching-up with their foreign peers, 

He said that the Foreign Institutional Investors (FIIs) on Tuesday did significant buying. Even the delivery trade saw good action with Reliance Industries, ICICI Bank and HDFC taking the charge. Even in Ashok Leyland, delivery based buying worth Rs 200 cr happened.

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Bagga complemented Zee Business’ research team which had said that if markets meet certain parameters then they will not make a new low in that cycle.