Tepid start for Sensex, Nifty on the cards; key factors to set tone for equity markets today

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Published: July 23, 2020 8:31 AM

Trends on SGX Nifty suggested a flat start with a negative bias for Sensex and Nifty on Thursday. Nifty futures were trading 18.25 points or 0.16 per cent lower at 11,107.80 on Singaporean Exchange.

Sensex, niftyIn absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets

Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open muted on Thursday following mixed Asian markets as US-China tension flared up. Investors will track trends in coronavirus cases, stock-specific action on the back of earnings season. In the previous session, headline indices snapped their 5-day gaining run and ended lower due to rising US-China tensions and profit-taking. “In absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets. Besides, it would await more data on how demand and economy recovery is panning out amid the pandemic. Traders should maintain positions on both sides and limit leveraged trades,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty: Trends on SGX Nifty suggested a flat start with a negative bias for Sensex and Nifty on Thursday. Nifty futures were trading 18.25 points or 0.16 per cent lower at 11,107.80 on Singaporean Exchange.

Rossari Biotech listing: Rossari Biotech is set to debut on exchanges today after receiving a robust response to its Rs 500-crore initial public offering (IPO) from investors. The issue consisted of a fresh issue of equity shares of Rs 50 crore and an offer for sale of 1.05 crore shares by the promoters.

Earnings today: ABB India, Biocon, HDFC Asset Management Company, AU Small Finance Bank, Dish TV, Mphasis, PNB Housing Finance, Radico Khaitan, Repco Home Finance, SKF India, Speciality Restaurants, Sterlite Technologies, Tube Investments of India and Zensar Technologies, are among 49 companies that are scheduled to announce their quarter earnings today.

Asian markets: Asian stock markets were trading mixed in the early hours of Thursday’s trade. South Korea’s Kospi index fell 0.48% while in Taiwan, shares were down 0.37%. Hong Kong’s Hang Seng index rose 1.05%. While markets in Japan are closed for a public holiday.

US markets: In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 165.44 points, or 0.62%, to 27,005.84, the S&P 500 gained 18.72 points, or 0.57%, to 3,276.02 and the Nasdaq Composite added 25.76 points, or 0.24%, to 10,706.13.

FII and DII data: Foreign investors were again seen buying Indian stocks worth Rs 1,665.57 crore while domestic institutional investors (DII) sold stocks worth Rs 727 crore on a net basis on Wednesday, according to the provisional data available on the NSE.

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