Sensex, Nifty stare at weak opening on Friday; here’s what you need to know before the opening bell

By: |
Published: July 10, 2020 8:26 AM

SGX Nifty points at the weak start for Sensex and Nifty on Friday. The Nifty futures were trading 55 points or 0.51 per cent down at 10,788 on Singaporean Exchange

sensex, niftyWe reiterate our positive yet cautious view on markets and suggest focusing more on position management

After posting smart gains in the previous session, the domestic equity market benchmarks BSE Sensex and Nifty 50 are expected to start with downticks on Friday on the back of weak global cues and rising coronavirus cases. Investors will track macro data, quarterly earnings for stock-specific action, rupee movement and oil prices. The IIP data is scheduled to be announced today after market hours. “We were anticipating some pause in the index but buoyancy in the global markets has again changed the tone. Among the important event, we’ll see participants reacting to the TCS numbers in the early trade on Friday i.e. July 10. We reiterate our positive yet cautious view on markets and suggest focusing more on position management,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Sensex, Nifty on Thursday: Sensex was up by 408.68 points or 1.12 per cent to close at 36,737.69. The Nifty was up by 107.7 points or 1.01 per cent to close at 10,813.45.

Trends on SGX Nifty negative: SGX Nifty points at the weak start for Sensex and Nifty on Friday. The Nifty futures were trading 55 points or 0.51 per cent down at 10,788 on Singaporean Exchange.

Asian markets: Asia Pacific markets were trading lower in Friday’s early session on the back of concerns around growing COVID-19 cases around the world. The Nikkei 225 in Japan was down 0.2% while the Topix index fell 0.59%. In South Korea, the Kospi index was down 0.55%

US markets: In overnight trade on Wall Street, the S&P 500 and Dow Jones Industrial dropped as investors got worried about another round of business shutdowns to contain the pandemic. The Dow Jones Industrial Average fell 289.33 points, or 1.11 per cent, to 25,777.95, the S&P 500 lost 11.05 points, or 0.35 per cent, to 3,158.89 and the Nasdaq Composite added 68.25 points, or 0.65 per cent, to 10,560.75.

FII and DII data: On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 212.77 crore while domestic institutional investors (DIIs) sold shares worth Rs 803.39 crore on a net basis, According to the provisional data available on the NSE.

Quarter earnings: Future Consumer, Lakshmi Vilas Bank, IRCTC, Steel Authority of India (SAIL), Karnataka Bank and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) are among companies that are scheduled to announce their March quarter earnings later in the day today.

Sharp surge in coronavirus cases: COVID-19 cases in India is inching closer to 8 lakh-mark, as the country is adding nearly 25,000 cases daily. India witnessed a record single-day surge of 24,879 COVID-19 cases taking the total cases to 7,67,296 on Thursday. The death toll climbed to 21,129 with 487 new fatalities.

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
1Asian shares mixed on weak China data, worries over pandemic
2Gold prices today again slip, remain below Rs 53,000 per 10 gm; investors watching US-China trade talks
3Ashok Leyland shares surge over 24% this week, on strong demand revival outlook; should you buy?