Sensex, Nifty LIVE Updates on August 5: Domestic benchmarks Sensex and Nifty traded on a bullish note on Wednesday, extending yesterday's gains amid positive global equities. Sensex was rising 350 points higher at 38,038 and Nifty50 traded 90 points higher at 11,185. Meanwhile, April-June quarterly earnings announcements by Cadila, DLF, Canara Bank, Adani Gas, Apollo Tyres, Inox Leisure, Strides Pharma, Godrej Properties, Jyothy Labs, VIP among others will also set the tone for the stock market today. Yesterday, Sensex ended 748 points higher at 37,687 and NSE gained 211 points to 11,102. Investors will also keep an eye on whether RBI extends moratorium beyond August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020.
Here's a look at the updates of the market action on BSE and NSE today
10. 15 AM: US- China trade review meet
An initial six-month review meet has been planned between the senior US and Chinese officials over the implementation of their Phase 1 trade deal. The two countries are likely to air mutual grievances in an increasingly tense relationship during the August 15 videoconference.
10. 02 AM: Global cues
Asian equities, barring Nikkei were trading higher today, global investors counted on a fresh COVID-19 stimulus in the United States.
Wall Street ended higher after a choppy session on Tuesday. White House negotiators late Tuesday vowed to work 'around the clock' to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not 'going anywhere close' to the $3.4 trillion Democratic leaders sought.Europe trading exchanges, barring Germany's DAX also closed on a positive note yesterday.
9. 54 AM: Nifty technical outlook
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said," With this pullback, the index continues the 'Higher Top Higher Bottom' structure and forms a higher low i.e. a higher support base at 10880. Thus, the near term continues to be positive now till 10880 remains intact. On the flipside, 11250-11300 would be immediate target zone to watch our for."
9. 40 AM: RBI MPC meet outcome
Investors will also keep an eye on whether RBI extends moratorium beyond August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020
9. 31 AM: Nifty technical indicators
Reliance Smart Money said in daily note that NSE-NIFTY took support around its long-term moving average (200-day SMA) and breached its daily falling trend. Yesterday, positive global cues and recovery across key sectors has supported the up-move. Despite such a sharp recovery in the index, its key technical indicators remained negatively poised. Hence, we will maintain our bearish view on the index. On the higher side, the index will face hurdle at around 11,340 level, which coincides with its upper band of prior narrow range (11,055-11,340). In case of decline, the index will initially find support around its 200-day SMA and then around its 50-day EMA, which are now placed at 10, 855 and 10, 555 levels, respectively.
As for the day, support is placed at around 10,970 and then at 10,837 levels, while resistance is observed at 11,174 and then at 11,245 levels.
9. 19 AM: Opening session
Sensex and Nifty traded on a bullish note on Wednesday, extending yesterday's gains amid positive global equities. Sensex was rising 286 points higher at 37,986 and Nifty50 traded 60 points higher at 11,155.
9. 09 AM: Stocks to watch today on August 5
Axis Bank, Tata Consumer, Unichem Labs, HPCL, Havells India among others are the top stocks to watch out for in Wednesday's trading session
Stocks in news: Axis Bank, Tata Consumer, Unichem Labs, HPCL, Havells India
9.00 AM: Nifty outlook
On Nifty's technical outlook, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty remained positive for the entire trading session but I would still maintain a cautious stance. For any upside to trigger, we would need to go past 11200 on a closing basis as that would be the confidence builder to reverse this short term weakness and enter back into the medium-term positive trend. Until then, traders should look for opportunities to go short on the index for a target of 10800.
Sensex rises 748 points, Nifty reclaims 11k: Five factors behind the rally
8. 50 AM: Earnings today
Cadila, DLF, Canara Bank, Adani Gas, Apollo Tyres, Inox Leisure, Strides Pharma, Godrej Properties, Jyothy Labs, VIP among others are among the top companies that will be reporting their April-June quarterly earnings.
8. 40 AM: Rupee closing
On the currency front, rupee ended at 75.05 per dollar compared to the previous close of 75.01 per dollar.
8. 30 AM: Closing
Yesterday, benchmark indices Sensex and Nifty closed higher after four straight sessions of losses on back of upbeat global equities. Sensex ended 748 points higher at 37,687 and NSE gained 211 points to 11,102.