Sensex, Nifty may open flat; four factors that could define stock market movement today

By: |
Published: July 1, 2020 8:46 AM

S&P BSE Sensex at closing was down 45 points at 34,915 points, while the 50-stock NSE Nifty slipped 10 points.

stock tips, despite loss or big fall in profit brokerage seen high return in these stocks, best stock to investment, brokerage favorite stocksFIIs pulled out Rs 2,000 crore from Indian equities on Tuesday.

Domestic benchmark indices gave up all gains and ended down by 0.10% on Tuesday. S&P BSE Sensex at closing was down 45 points at 34,915 points, while the 50-stock NSE Nifty slipped 10 points. The broader market also ended in marginal red with Nifty Midcap 100, Smallcap 100 down 0.2% and 0.6%, respectively. Sectorally it was a mixed bag with PSU Banks down 1.8%, Pharma slipped 1.5%, and Media fell -1.7% largely dragging the market down. Market participants expect the benchmark indices to further react to the opening up of the economy as India enters the second stage of unlocking the country.

MSCI defers further increase in FOL: Morgan Stanley Capital International (MSCI) has said that it has deferred, until further notice, potential increases in Foreign Ownership Limits resulting from the recently implemented relaxation of the Foreign Portfolio Investor (FPI) limit of Indian companies to the sectoral limit. MSCI’s increase in FOL was expected to prove beneficial for Indian share markets with billions of dollars flowing in from foreign investors.

Fitch Rating trims GDP growth projections: Rating agency Fitch has trimmed India’s GDP growth forecast for 2021-22 to 8% from the previous projection of 9.5%. The rating agency has not changed its prediction that India’s economy will contract by 5% this fiscal year. Fitch said that after the stringent lockdown by Indian government the policy easing has been limited and the financial sector remains stressed.

FIIs and DIIs move: Once again moves made by domestic institutional investors and foreign institutional investors were seen to be entirely in contrast to each other. FIIs pulled out Rs 2,000 crore from Indian equities. On the other hand domestic institutional investors pushed in Rs 2,051 crore on Tuesday. 

Global markets: US markets ended higher on Tuesday with Dow Jones inching up 0.9% while S&P 500 gained 1.5% and NASDAQ ended 1.9% higher. Asian markets however were in the red on Wednesday morning. Nikkei 225 was down 0.19% and SGX Nifty hinted at a negative start as it traded down 35 points.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RIL, Airtel send Sensex 178 pts up, indices post gains for 3rd straight week; key things from today’s trade
2Bharat Bond ETF 2nd tranche opens this month; Rs 14,000 cr PSU debt on offer for investors to buy
3Top smallcap, midcap stocks to buy: These shares set to rally in next 6 months; check target prices