Sensex, Nifty likely to open higher on Friday; key things to know before opening bell

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August 21, 2020 8:31 AM

SGX Nifty was trading with gains in early trade on Friday, suggesting a gap-up opening for the BSE Sensex and Nifty 50 on Friday

Sensex, NiftyWe reiterate our view to focus more on the selection of stocks and trade management citing the overnight risk

Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open higher on Friday. Market participants will continue to track corporate results for stock-specific actions, trends in COVID-19 cases, oil price, rupee trajectory and other global cues. Investors are expected to react to the minutes of the Reserve Bank of India’s August monetary policy meeting released yesterday. In the previous session, the Nifty fell by 96.2 points, or 0.84 per cent, to close at 11,312.2 while the Sensex declined 394.4 points, or 1.02 per cent, to close at 38,220.39. “Noticeable traction in the broader space is offering ample opportunities to the traders. We reiterate our view to focus more on the selection of stocks and trade management citing overnight risk,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty trades in green: SGX Nifty was trading with gains in early trade on Friday, suggesting a gap-up opening for the BSE Sensex and Nifty 50 on Friday. Nifty futures were trading 89.25 points or 0.79 per cent higher at 11,382.80 on Singaporean Exchange.

Domestic economy outlook uncertain: In minutes of the Reserve Bank of India’s August monetary policy meeting held earlier this month, RBI Governor Shaktikata Das said that given the uncertain inflation outlook, it is important to see the momentum in inflation, which is also dependent on effective supply-side measures.

Corporate earnings: A total of 51 companies including Punjab National Bank, Union Bank of India, Oil India, Indiabulls Housing Finance, Rossari Biotech, SMS Lifesciences, Suprajit Engineering and Venus Remedies, among others will announce their quarterly earnings today.

SC AGR hearing: During the hearing yesterday, Justice Arun Mishra said that almost the entire AGR dues will be wiped out in the IBC process. And after the sale of spectrum, the new user will have extinguished any pending demand against the spectrum in question.

Global markets: Asian stock markets were trading higher in early trade on Friday. Japan’s Nikkei rose 0.36 per cent while the Topix index added 0.3 per cent. South Korea’s Kospi gained 0.72 per cent. In overnight trade on Wall Street, the Nasdaq Composite ended at a record high. The Dow Jones Industrial Average ended up 0.17%, the S&P 500 gained 0.32%, and the Nasdaq Composite added 1.06%.

FII and DII data: On Thursday, foreign institutional investors (FIIs) were net sellers of shares worth Rs 268.46 crore while domestic institutional investors (DIIs) sold shares to the tune of Rs 672.23 crore on a net basis, according to the provisional data available on the NSE.

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