Sensex and Nifty could once again start the trading session down in the red as SGX Nifty was hinting for a weaker stark for domestic indices, trading down by 6 points.
Sensex and Nifty could once again start the trading session down in the red as SGX Nifty was hinting for a weaker stark for domestic indices, trading down by 6 points. Sensex and Nifty ended lower for the second day straight on Thursday. Sensex was down 59 points while the Nifty 50 closed at 11,300 mark. Analysts believe that equity markets could witness some volatile movement in the coming sessions as eyes stayed glued on global stock markets and domestically on the growing number of coronavirus cases. CPI clocking in at 6.93% is also something that investors will take into account in the coming sessions.
AGR case in Supreme Court: The apex court will once again hear the Adjusted Gross Revenue dues case today. On Monday the court had asked the government whether the telecom companies that were undergoing insolvency proceedings could sell their spectrum, to which the government had replied in the negative. Telecom stocks like Bharti Airtel, Vodafone Idea along with banks will stay in focus.
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Inflation up 6.93%: Consumer price inflation rose to 6.93% from a year earlier after falling for two months. With this the inflation rate has now stayed above the RBI mandated level for two quarters. “Rising food prices largely due to supply chain disruptions is the main reason behind such high reading. RBI had kept the interest rate unchanged at the August 6 meeting and hinted higher inflation until September,” said Devarsh Vakil, Deputy Head Of Retail Research, HDFC Securities.
Global Peers: In the United States, S&P 500 and Dow Jones ended in the red while Nasdaq gained yesterday. Stock markets in France, Germany and the United Kingdom too were seen ending in the red. On Friday morning, Shanghai Composite and Hang Seng were trading with gains while equity markets in South Korea, Singapore, and Malaysia were in the red. Topix and Nikkei 225 were trading with gains.
Results today: Hindalco Industries, Fortis Healthcare, New India Assurance Company, Ramco Cements, Sun TV Network, United Breweries, Emkay Global, are some of the companies that will post their quarterly results today.
Technical talk: “The short term trend of Nifty continues to be range bound. The market is likely to move within 11375-11225 levels in the next session. Any failed upmove above 11375 could bring some profit booking from the highs. Sector/stock specific movement could continue in the short term. Immediate support is placed at 11250,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.