Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to see a gap-up start on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading at 121.50 points or 0.8 per cent up at 16,254.50 on Singaporean Exchange. On the day of weekly F&O expiry, S&P BSE Sensex zoomed 427 points or 0.80% to close at 54,178 while the NSE Nifty 50 index settled at 16,132, adding 143 points or 0.89%. Analysts say that Indian markets remained strong for second consecutive day on the back of positive global cues, brent crude falling to below $100/bbl and slower intensity of FII selling. Healthy pre-quarterly updates also boosted market sentiments. “Global markets were positive after US Fed released its minutes of June meeting where it highlighted the likelihood of 75bps rate hike in upcoming July meeting which was in-line with expectation,” said.
5 things to know before market opens on 8 July 2022
Global cues: Asian stock markets were seen trading higher in early trade on Friday, as investors look ahead to the release of U.S. jobs data for June. The Nikkei 225 rose 1.27%, while the Topix index gained 1.1%. US indices, too rose in overnight trade on Wall Street. The Dow Jones Industrial Average advanced 346.87 points, or about 1.12%,the S&P 500 gained 1.5%, while the Nasdaq Composite added 2.28%.
Q1FY23 results today: Tata Consultancy Services, Brahmaputra Infrastructure, Kohinoor Foods, MMTC and Spectrum Foods will be in focus today as these companies would release their quarterly earnings on 8 July 2022.
FII, DII data: On Thursday, foreign institutional investors (FIIs) offloaded shares worth Rs 925.22 crore, whereas domestic institutional investors (DIIs) lapped up shares worth Rs 980.59 crore on a net basis in Indian equity market.
Stocks under F&O ban: The National Stock Exchange has not added any stock under its F&O ban list for 8 July 2022. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.
NSE Nifty 50 outlook: Technical analysts say that a small positive candle was formed with a long lower shadow. Technically, this pattern indicates a continuation of up move post upside breakout of the crucial overhead resistance at 15900 levels. “After the upside breakout of the hurdle at 15900 levels recently, the market is now advancing towards another hurdle of the previous opening downside gap of 13th June at 16175 levels. Hence a sustainable move above 16200 levels could open further sharp up move ahead. Immediate support is placed at 16000 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.