SGX Nifty trades in red, hints at weak start for Sensex, Nifty; 5 things to know before market opens

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Updated: Apr 09, 2021 8:46 AM

BSE Sensex and Nifty 50 were likely to open subdued on Friday, taking cues from their Asian peers.

sensex, nifty, bse, nse, stock marketIndian rupee has fallen for the fourth staright day against US dollar, which may trigger foreign outflows from domestic equities. Image: Reuters

BSE Sensex and Nifty 50 were likely to open subdued on Friday, taking cues from their Asian peers. The Indian rupee has fallen for the fourth straight day against US dollar, which may trigger foreign outflows from domestic equities. In the previous session, equity indices gained for the third consecutive day, which is the longest such streak in a month, however, weekly F&O related volatility dragged the indices lower from their intraday highs, an analyst said. Factors such as rising COVID-19 cases, on going vaccination drive, oil prices, trajectory in rupee and other global cues will set the market direction on Friday.

SGX Nifty in red: Nifty futures were trading at 14,909 on Singaporean Exchange, down 36.50 points or 0.24 per cent, indicating a gap-down opening for BSE Sensex and Nifty 50 on the last day of the week.

Macrotech Developers IPO: Macrotech Developers IPO was subscribed 35% on the second day of the bidding process. Qualified Institutional Buyers (QIBs) subscribed 65% of their portion, non-institutional investors (NIIs) 19% while retail investor bids were at 25%. Employees of the realty major have subscribed 10% of the portion reserved for them.

FII and DII trends: On Thursday, foreign institutional investors (FIIs) acquired shares worth Rs 110.85 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 552.78 crore on a net basis in cash market, as per provisional data available on the NSE.

Nifty support, resistance levels: The market is witnessing an alternative movement of up and down over the last four sessions. “As per the present set up, one may expect Nifty to retest the crucial overhead resistance around 14,880 levels in the short term, before showing another round of weakness from the highs,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities said. He also added that a sustainable move above 14,900 could open a sharp upside for the market. Immediate support is placed at 14,600.

Global watch: Asian stock markets were trading mostly lower in early trade on Friday. Hong Kong’s Hang Seng index fell half a per cent. Japan’s Nikkei 225 gained 0.54 per cent while the Topix index advanced 0.61 per cent. South Korea’s Kospi declined 0.25 per cent. In the overnight trade on Wall Street, the S&P 500 closed at a record high. The Dow Jones Industrial Average rose 0.17 per cent, the S&P 500 gained 0.42 per cent, and the Nasdaq Composite added 1.03 per cent

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