Nifty futures were trading 44.50 points or 0.32 per cent up at 14,125.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Wednesday.
Nifty futures were trading 44.50 points or 0.32 per cent up at 14,125.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, Sensex fell 530.95 points or 1.09 per cent to 48,347.59 while the Nifty 50 index declined 133 points or 0.93 per cent to close at 14,238.90. Asian stocks were trading mixed in the early trade as the International Monetary Fund (IMF) raised the growth forecast for the global economy this year. Japan’s Nikkei 225 rose nearly half a per cent trade while the Topix index gained 0.58 per cent. South Korea’s Kospi also advanced by 1.2 per cent. In overnight trade on Wall Street, S&P 500 and tech-heavy Nasdaq Composite slipped from record closing levels. The Dow Jones Industrial Average fell 0.07 per cent, the S&P 500 lost 0.15 per cent, and the Nasdaq Composite dropped 0.07 per cent. “Markets may continue to remain highly volatile ahead of monthly expiry and Union Budget 2021. The Fed monetary policy is also due this week which would be the first one post newly inaugurated US President and thus would hold a lot more significance,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
IMF projects 11.5% growth for India in 2021: The IMF on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.
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India GDP to shrink by 8% in FY21: India’s gross domestic product (GDP) is expected to contract by 8 per cent in 2020-21, according to the latest round of FICCI’s Economic Outlook Survey.
FIIs turn net sellers: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 765.3 crore, while domestic institutional investors (DIIs) sold shares worth Rs 387.76 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Results today: A total of 50 companies including Hindustan Unilever Ltd, Axis Bank, ICICI Prudential Life, Marico, United Spirits, Bank of Baroda, Canara Bank, Emami, Nalco, Quess Corp, PNB Housing, Nippon LIfe Asset Management and India Cements, among others are scheduled to announce their October-December quarter results on Wednesday
Stove Kraft IPO: The Rs 412-crore Stove Kraft initial public offer subscribed 99 per cent on the first day of the bidding process. Priced in at Rs 384-385 per unit, investors can bid for the IPO in a lot size of 38 equity shares and in multiples thereafter.
Technical talk: “The short term trend of Nifty continues to be weak. The consistent decline of the last three sessions could be hinting at the possibility of reversal in the market. A sustainable move below 14200 is expected to drag Nifty down to 13800 levels in the near term. Any upside towards 14360-14400 could be a sell on rise opportunity,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.