Sensex, Nifty stare at gap-down opening; Mindspace REIT listing, other factors to drive markets today

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August 7, 2020 8:23 AM

Trends on SGX Nifty indicate a gap-down opening for Sensex and Nifty 50 on Friday. Nifty futures were trading 32.75 points or 0.29 per cent down at 11,179 on Singaporean Exchange

Sensex, NiftyInvestors would now be awaiting the announcement of US stimulus which could bring cheer to the market

Domestic equity market benchmarks BSE Sensex and Nifty 50 are set open on a negative note on Friday. In the previous session, Indian share market cheered the RBI’s announcements and settled nearly 1 per cent higher. Investors will continue to focus on stock-specific developments, corporate earnings and trends in COVID-19 cases. Besides, Mindspace Business Parks REIT will be listed today. “The market might continue its positive movement in the near term, with more stock-specific action as the earnings season progresses. Investors would now be awaiting the announcement of US stimulus which could bring cheer to the market. However we find the risk-reward unattractive at the current levels and we would advise investors to remain defensive in their portfolio approach,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

SGX Nifty: Trends on SGX Nifty indicate a gap-down opening for Sensex and Nifty 50 on Friday. Nifty futures were trading 32.75 points or 0.29 per cent down at 11,179 on Singaporean Exchange.

New listing: Mindspace Business Parks REIT is scheduled to list on bourses today. The 45,000 crore real estate investment trusts issue was subscribed 13 times during July 27-29.

Corporate earnings: Mahindra & Mahindra, Cipla, Siemens, Abbott India, Alkem Laboratories, Bata India, Balrampur Chini Mills, BEML, Birla Corporation, Container Corporation of India, Mahanagar Gas, REC and Sobha, etc., are among companies scheduled to announce their quarterly earnings later in the day today.

FII and DII data: On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 637.43 crore while domestic institutional investors (DIIs) sold shares worth Rs 468 crore on a net basis, according to the provisional data available on the NSE.​

Global markets: Asian stock markets were seen trading with losses in the early trade on Friday. In Japan, the Nikkei 225 slipped 0.19% while the Topix index added 0.21%. South Korea’s Kospi advanced 0.3%. Overnight on Wall Street, the Nasdaq ended above 11,000 for the first time as investors hoped for a new fiscal stimulus package. The Dow Jones Industrial Average rose 185.46 points, or 0.68 per cent, to 27,386.98 and the S&P 500 gained 21.39 points, or 0.64 per cent, to 3,349.16.

Technical analysis: “The short term trend of Nifty continues to be positive with volatile movement. Some more upside is left in the market and Nifty is expected to reach the upper resistance area of 11350 by next week. Immediate support is placed at 11100. The stop loss for positional long trades needs to be placed at 10900 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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