Sensex, Nifty LIVE Updates on August 3: Sensex and Nifty fell to bearish territory on Monday following weak Asian peers. Sensex was trading 302 points lower at 37,302 and Nifty fell 47 points to 11,026. Traders said markets will continue taking cues from the worldwide trend. Investor sentiments remained fragile amid the start of a poor quarterly earnings season with weak results from key heavyweights, indicating significant financial damage from the impact of coronavirus outbreak.
Here's a look at the updates of the market action on BSE and NSE today
10.08 AM: Market outlook
Reliance Smart Money in its note said NSE-NIFTY continued its monthly rising trend and reported rise of 7.5%. However on the weekly timeframe, the index has breached its rising trend and closed in red after six weeks. In the last week, the index gained once out of five trading sessions and reported fall of 1.1%. On Friday, the index slipped below its lower band of narrow range consolidation (i.e. between 11,055 and 11,340 levels), but later recovered partial intraday loss and closed within its prior range. As mentioned earlier, our bullish view will remain intact provided the index stays firm above its psychological support point-11,000 mark. In case of breakdown, the index will find next support around its 200-day SMA, which is now placed at around 10,860 level. On the higher side, the index will face hurdles around 11,400 and 11,500 levels.
As for the day, support is placed at around 11,017 and then at 10,960 levels, while resistance is observed at 11,140 and then at 11,207 levels.
9. 46 AM: Global cues
Traders will also keep a track on macroeconomic data by the US. The world's largest economy will release PMI data followed by factory orders, balance of trade, jobless claims during the week.
9. 32 AM: RBI policy announcement
The street will keep a close eye on the RBI Monetary Policy Committee (MPC) meet next week which will decide the policy stance amid the urgency to revive the coronavirus-hit economy and increased demand for one-time loan restructuring by industry chambers. Experts are, however, divided over the possibility of another rate cut by the RBI in its forthcoming policy arguing that one-time loan restructuring was more essential at this juncture to tide over the COVID-19 situation. The MPC is slated to meet for three days beginning August 4 and announce its decision on August 6.
9. 19 AM: Opening session
Sensex and Nifty opened n in the red on Monday following weak Asian peers. Sensex was trading 302 points lower at 37,302 and Nifty fell 47 points t o 11,026. Traders said markets will continue taking cues from the worldwide trend.
9. 15 AM: Week Ahead
Going ahead, the market may see some correction amid uncertain environment in wake of rising coronavirus cases. With earnings announcement by index heavyweights are already out, investors will keep an eye on RBI policy, macro data, US-China tensions and coronavirus cases which will set tone for the markets. Development in global markets will also be watched closely by the traders.
RBI policy meet, earning announcements, auto sales among key factors for Dalal Street trend
9. 10 AM: Nifty outlook
On Nifty's outlook, Jimeet Modi, Founder & CEO Samco Group said," Selling pressure in Nifty50 at higher levels and weakness in Bank Nifty is likely to drag the benchmark indices lower. We maintain a bearish outlook going ahead and believe a retest of 10600 is a possibility within a couple of weeks."
8. 50 AM: Rupee CLosing
Indian rupee, the currency benchmark ended 3 paise higher at 74.81 per dollar on Friday over its last close of 74.84 per dollar, tracking weakness in the greenback.
8. 40 AM: Marlket outlook
Commenting on today's trade, Vinod Nair, Head of Research at Geojit Financial said," Indian markets closed the session flat, with a negative bias. Following one of the worst quarterly US GDP data, Asian shares closed in the negative while European markets were also trading flat. In India, the uncertainty was visible as profit booking and post-earnings results performance of index heavyweights, impacted the benchmark indices."
8. 30 AM: Closing session on Friday
Sensex and Nifty closed lower for a third consecutive session on Friday tracking global equities as investors turned cautious over weak key economic data.Traders said weak US GDP numbers casted a shadow on market recovery. Sensex ended 129 points lower at 37,606 and Nifty fell 28 points to 11,073. Overall Sensex and Nifty have fallen 1.37% and 1.08% this week, respectively.
Sensex falls 129 points, Nifty closes at 11,073 amid weak global cues