Top 10 things to know before the market opens

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The Indian stock market is expected to open flat as trends on SGX Nifty indicate a muted start for the index in India with a 10 points gain.

On August 9, the BSE Sensex gained 125.13 points to close at 54,402.85, while the Nifty50 rose 20.10 points to 16,258.30 and formed a bearish candle which resembles Doji kind of pattern on the daily charts as the closing was near its opening levels.

According to pivot charts, the key support levels for the Nifty are placed at 16,184.53, followed by 16,110.87. If the index moves up, the key resistance levels to watch out for are 16,326.33 and 16,394.47.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

The S&P 500 dipped on Monday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising U.S. Treasury yields lifted financials stocks, keeping Wall Street’s benchmark index near record levels.

The Dow Jones Industrial Average fell 107.91 points, or 0.31%, to 35,100.6, the S&P 500 lost 4.11 points, or 0.09%, to 4,432.41 and the Nasdaq Composite added 24.42 points, or 0.16%, to 14,860.18.

Asian Markets

Asian stocks started off on a weak footing on Tuesday after a largely soft performance on Wall Street and as persistent concerns over the spread of the Delta variant of the coronavirus dented sentiment and triggered falls in metals and oil prices.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.4% in early trading, with Korea’s KOSPI index down 0.56% while China’s blue chip index CSI300 shed 0.33%.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the index in India with a 2 points gains. The Nifty futures were trading at 16,274 on the Singaporean Exchange around 07:20 hours IST.

10 new stocks in F&O from expiry of August series

Ten new stocks will make a debut in the Futures and Options (F&O) segment from the August series, National Stock Exchange (NSE) said in a regulatory filing on Monday.

The stocks are Can Fin Homes Limited, Dixon Technologies (India) Ltd, Hindustan Aeronautics Limited, Indian Energy Exchange Limited, Indiamart Intermesh Limited, Ipca Laboratories Limited, Multi Commodity Exchange of India Limited, Oracle Financial Services Software Limited, Polycab India Limited, and Syngene International Limited.

Rakesh Jhunjhunwala to pick significant strategic stake in Syska LED

Billionaire investor Rakesh Jhunjhunwala is set to pick a significant strategic stake in top lighting solutions firm Syska LED, CNBC TV 18 reported on August 9.

Jhunjhunwala, as per the report, is likely to have signed a memorandum of understanding (MoU) to pick the stake in the company.

Oil steadies after hitting three-week low on pandemic restrictions

Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.

Fed officials say tapering is near, advancing discussion on rate hike

Two Federal Reserve officials said on Monday that the U.S. economy is growing rapidly and that while the labor market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

Results on August 10

Zomato, Coal India, Lupin, Power Grid Corporation of India, Aarti Surfactants, Ahluwalia Contracts (India), Aarey Drugs & Pharmaceuticals, Ashoka Buildcon, Balaji Telefilms, Mrs Bectors Food Specialities, Brookfield India Real Estate Trust REIT, Computer Age Management Services, Capacite Infraprojects, Century Plyboards, Chalet Hotels, Cochin Shipyard, Deepak Fertilisers, Eveready Industries, Galaxy Surfactants, Godrej Agrovet, Heranba Industries, Infibeam Avenues, IRB Infrastructure Developers, Jindal Steel & Power, Krishna Institute of Medical Sciences, Linde India, Manappuram Finance, Max Financial Services, Motherson Sumi Systems, Prestige Estates Projects, Pricol, Reliance Infrastructure, Sequent Scientific, Siemens, Spencers Retail, Trent, Tata Teleservices (Maharashtra), Whirlpool of India, and Wonderla Holidays will release quarterly earnings on August 10.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 211.91 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 716.15 crore in the Indian equity market on August 9, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Six stocks - Canara Bank, Indiabulls Housing Finance, NALCO, RBL Bank, SAIL and Sun TV Network - are under the F&O ban for August 10. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters & other agencies

Market LIVE Updates: SGX Nifty indicates a flat start for the Indian indices

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August 10, 2021 / 07:53 AM IST

Petrol, diesel prices on August 10

Petrol and diesel prices remained the same at record-high levels for the 24th day in a row on August 10, according to a price notification by state-owned fuel retailers.

The last increase took the petrol price in Delhi near Rs 102 per litre-mark. The petrol price in New Delhi soared to Rs 101.84 a litre. Diesel prices retailed at Rs 89.87 per litre, according to Indian Oil Corporation Limited’s (IOCL) price listing.

In Mumbai, the petrol price remained unchanged and retailed at Rs 107.83 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.

Sensex, Nifty end in the red; here are 5 factors behind the sell-off

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Extending their losses into the third consecutive session, the Indian equity benchmarks the Sensex and the Nifty ended in the red on July 28.

Flagship index the Sensex plunged 776 points while the Nifty hovered near 15,500 in morning trade, mirroring weak global cues.

As per media reports, the Nasdaq Golden Dragon Index declined over 6 percent in each of the last 2 days and posted the worst 2-day fall since 2008.

The 98-stock index which tracks China’s companies listed in the US has declined over 15 percent in the last 3 days. It has wiped out over $200-billion worth of market capitalisation during the same time.

However, the market pared losses in the second half of the session. At close, the Sensex was 135 points, or 0.26 percent, down at 52,443.71 while the Nifty was at 15,709.40, down 37 points, or 0.24 percent.

The BSE Midcap index ended flat while the smallcap index fell 0.45 percent.

Most sectoral indices suffered losses but BSE Telecom bucked the trend and ended with a strong gain of 4.41 percent. The metal index closed 1.41 percent higher.

Here are 5 key factors that kept the market under pressure:

  1. Weak global cues: The Indian market developed cold feet tracking the trends of other Asian markets. As per Reuters, Asian shares stayed stuck at seven-month lows on July 28, as markets continued to digest a storm in Chinese equity markets.

China’s Shanghai Composite Index fell a percent while Japan’s Nikkei cracked almost 2 percent. Korea’s KOSPI was down about half a percent.

The Hang Seng Tech Index declined over 8 percent to post the worst day since 16 July 2020. It has declined over 15 percent in the last 3-day fall.

  1. Caution ahead of Fed outcome: Investors were also cautious ahead of the UD Fed meet outcome to get a cue on the future trajectory of the stimulus programmes and rate hikes.

The Federal Reserve’s policy committee began its two-day meeting on July 27, amid speculation it could show the first signs of easing up on massive bond purchases that are supporting the US economic recovery.

  1. IMF cuts GDP forecast: Market sentiment was also influenced after the International Monetary Fund revised its growth forecast for India.

The International Monetary Fund, on July 27, cut India’s gross domestic product (GDP) growth forecast to 9.5 percent for the fiscal year 2021-22, from the previous forecast of 12.5 percent, citing the hit on economic activity and demand due to the deadly ‘second wave’ of the COVID-19 pandemic.

“Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from that setback,” the multilateral institution said in its latest World Economic Outlook report.

The report said that steady recovery is not assured anywhere so long as segments of the population remain susceptible to the virus and its mutations. “Recovery has been set back severely in countries that experienced renewed waves— notably India,” it said.

  1. Delta variant: The delta variant of COVID-19 has triggered a rise in cases globally and experts warn that this variant remains a key challenge in the way of beating the pandemic. Cases have been rising globally and a sluggish pace of vaccination has augmented the concerns of a third wave.

  2. Technical factors: Nifty50 broke below its crucial support placed at 15600, and now trades near crucial support at 15550-15500 levels. The index is trading below the crucial short-term moving average such as 5, 10, 20 & 50-Days Moving Average which is a sign of caution for the bulls.

The short-term trend has turned bearish while the medium and long-term trend is still on the upside. The Nifty50 started off on a muted note on Wednesday amid a weak trend seen in other Asian markets.

“Going ahead, we expect the index to extend the ongoing consolidation in the broader range of 15950-15500 with stock specific action amid the progression of Q1FY22 earning season,” Dharmesh Shah, Head–Technical, ICICIdirect, said.

“The volatility would remain elevated ahead of Federal Reserve meeting followed by monthly expiry on Thursday. However, despite elevated volatility, we do not expect the index to breach the key support threshold of 15600-15500,” he said.

Shah further added that extended breather from here on should not be construed as negative. Instead, dips should be capitalised on to accumulate quality stocks amid the progression of the Q1FY22 earnings season.

(With inputs from Reuters and other agencies.)

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