Sensex, Nifty stare at negative start; 6 things to know before the opening bell today

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August 12, 2020 8:32 AM

Sensex and Nifty stare at a negative start on Wednesday with SGX Nifty trading down over 100 points. Equity markets enter Wednesday's trading session on the back of a four-day gaining streak.

Among Asian peers TOPIX and Nikkei 225 were trading with gains along with stock markets in Thailand and Philippines.

Sensex and Nifty stare at a negative start on Wednesday with SGX Nifty trading down over 100 points. Equity markets enter Wednesday’s trading session on the back of a four-day gaining streak. Sensex ended higher by 224 points on Tuesday while the Nifty 50 index breached the 11,300 mark. The recent surge in stock markets has been partly aided by the United States considered lowering taxes on capital gains. Analysts believe that domestic stock markets could rise further in the coming session, however, profit booking can not be ignored.

FII and DII data: Foreing Institutional Investors continued buying into domestic stock markets, pumping in Rs 1,013 crore on Tuesday. On the other hand Domestic Institutional Investors were again pulling out money, this time as high as Rs 1,415 crore. 

Financials capital raising: Banking and finance stocks could again be in focus with a number of financial institutions announcing plans of raising capital or declaring the amount they have successfully raised. Axis Bank and HDFC informed the stock exchanges on Tuesday that they have each raised Rs 10,000 crore via QIPs.

Results today: Aurobindo Pharma, Bharat Forge, Aarti Industries, Gulf Oil Lubricants, Ashok Leyland, Tata power, and Natco Pharma are some of the companies that will announce their quarterly results today. 

Deals: Inox Benefit Trust offloaded 43,50,092 equity shares of Inox Leisure Ltd on Tuesday in the open market. HDFC Mutual Fund, Abu Dhabi Investment Authority were some of the marquee names seen picking up shares of the company.

Global Markets: Equity markets in the United States slipped on Tuesday with NASDAQ falling as much as 1.69%. European stock markets were however seen surging higher. Among Asian peers TOPIX and Nikkei 225 were trading with gains along with stock markets in Thailand and Philippines. However, Shanghai Composite, Hang Seng, and KOSDAQ were seen trading with losses.

Technical outlook: “The market is range bound and buying is advisable if the Nifty 50 index corrects to 11200 levels. On the higher side, the Nifty 50 index can face resistance at 11450 and 11500 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

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