Sensex, Nifty stare at a muted opening; RIL results, fall in US GDP could steer market movement

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Published: July 31, 2020 8:46 AM

Domestic benchmark indices could witness a muted opening session Friday as SGX Nifty scaled back on its gains to sit just 28 points higher.

stock market latest update on 28 july 2020Reliance Industries said that revenues were down in the traditional refining and petrochemical business, however, retail business along with digital services aided the growth.

Domestic benchmark indices could witness a muted opening session Friday as SGX Nifty scaled back on its gains to sit just 28 points higher. Sensex and Nifty enter the last trading session of the week on the back of a two-day losing streak. On Thursday Sensex gave up all gains to end 335 points lower while Nifty50 managed to close just above the 11,100 mark. Global cues seem mixed with the US GDP numbers and the Federal Reserve’s statement, failing to lift the mood of investors globally. Analysts have been advising to stick to quality stocks and keep an eye on stock specific action.

Global cues: DOW Jones and the S&P 500 ended lower on Thursday with the US GDP slipping 33%. In Europe stock markets witnessed a bloodbath with all major indices falling into the red. DAX ended down 3.45%. In Asia, equities were mixed on Friday morning. Shanghai Composite and Hang Seng were trading with gains while Nikkei 225 and TOPIX were down in the red. 

Reliance Industries: The index heavyweight reported a 31% jump in net profit during the April-June quarter despite a massive fall in revenue. Reliance Industries said that revenues were down in the traditional refining and petrochemical business, however, retail business along with digital services aided the growth. 

Also Read: Apple to split shares as prices near $400; investors to get this many additional stocks soon

US GDP shrinks: The United States shrank by 32.9% between April and June as the country battled the impact of the coronavirus pandemic on the economy. This is the largest in quarterly data since 1945. The US has recorded a total of 4.58 million cases of the coronavirus while 154 deaths have been reported. 

Technical analysis: “The short term trend of Nifty seems to have turned down and a move below 11000 levels could confirm short term trend reversal in the market. A decisive move below 10900 is expected to drag Nifty to further lows up to 10700-10650. On the way up, 11300 is going to be a strong overhead resistance,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities

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