Sensex, Nifty LIVE Updates on August 7: Sensex and Nifty traded muted on Friday, led by bank stocks, as domestic coronavirus cases neared the 2 million mark, amid weak global markets. The 30-share BSE benchmark Sensex dropped 20 points lower at 38,004 and broader NSE Nifty was trading 7 points higher at 11,207. SGX Nifty was falling 30 points lower at 11,179, indicating negative trend in domestic grounds today. Meanwhile, April-June quarterly earnings announcements by M&M, Cipla, Siemens, Abbott, Aditya Birla Capital, Adani Transmission, Alkem Labs, Bata will also set the tone for the stock market today. Yesterday, the 30-share BSE benchmark Sensex ended 362 points higher at 38,025 and broader NSE Nifty advanced 98 points to 11,200
Here's a look at the updates of the market action on BSE and NSE today
10.05 AM: Market update
Sensex and Nifty traded muted on Friday, led by bank stocks, as domestic coronavirus cases neared the 2 million mark, amid weak global markets. The 30-share BSE benchmark Sensex dropped 20 points lower at 38,004 and broader NSE Nifty was trading 7 points higher at 11,207.
9. 40 AM: Brent crude trades flat
Oil prices were little changed, with Brent futures down 0.1% at $45.04 per barrel.
9. 34 AM: Overseas gold
Spot gold hit a record high of $2,075.2 per ounce today and last stood at $2,064. Silver has been ballistic in recent weeks and hit a seven-year high of $29.8384 per ounce, having gained 60% so far this quarter.
9. 21 AM: Nifty outlook
"The short term trend of Nifty continues to be positive with volatile movement. Some more upside is left in the market and Nifty is expected to reach the upper resistance area of 11,350 by next week. Immediate support is placed at 11,100. The stoploss for positional long trades needs to be placed at 10,900 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
9.12 AM: Opening session
Sensex and Nifty opened on a bearish note on Friday, amid weak global equities. The 30-share BSE benchmark Sensex dropped 74 points lower at 37,951 and broader NSE Nifty was trading 13 points lower at 11,186.
9. 05 AM: Rupee outlook
On Rupee's near term outlook, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said," Despite the pause, rupee still remains in a sticky range of 74.50-75.50, and the domestic currency will be guided more by the movement in the dollar index, which is languishing at two- year lows and the pace at which the RBI will look to accumulate its forex reserves. Expectations of dollar inflows are capping upside for the pair (USD/INR), while the downside is being protected by the RBI."
8.57 AM: Earnings Today
Mahindra & Mahindra, Cipla, Siemens, Abbott India, Aditya Birla Capital, Adani Transmission, Alkem Laboratories, Bata India, Alphageo (India), Amara Raja Batteries, Amber Enterprises India, Andhra Paper, Automotive Axles, Balrampur Chini Mills, BEML, Birla Corporation, Container Corporation of India, Emami, Entertainment Network India (ENIL), FDC, Finolex Industries, Indo Rama Synthetics, Kajaria Ceramics, Mahanagar Gas, Nucleus Software Exports, Punjab & Sind Bank, REC, Shipping Corporation of India, Sobha, Sudarshan Chemical among others will report April-June quarter earnings today.
8. 50 AM: Weak global cues
Global equities were trading lower today. Asian stocks fell as investors turned cautious awaiting several economic data releases for July and signs of growing China-US tensions that were evident after Trump took aim at China's tech firms. Shares on Wall Street managed to close higher on Thursday, as investors were bouyed on hopes of a new fiscal stimulus package
8. 45 AM: Nifty outlook
NSE-NIFTY extended gain after a flat close on back of strength in the metal, FMCG and IT space. The index regained 11,200 mark after five trading sessions. Due to further rise in the index, its key technical indicator has turned in favour of bulls. This could lead the index towards 11,340 level, which coincides with its upper band of the narrow range. In case of decline, the index will initially find support around its 20-day EMA and then around its 200-day SMA, which are now placed at 10,980 and 10,600 levels, respectively.
As for the day, support is placed at around 11,133 and then at 11,065 levels, while resistance is observed at 11,262 and then at 11,324 levels.
8. 40 AM: Indian Rupee
On the currency front, Indian Rupee ended almost unchanged compared to yesterday's close at 74.93 per dollar.
8. 35 AM: Stocks to watch today on August 7
Vodafone, Yes Bank, HPCL, Jubilant FoodWorks, JK Tyre among others are the top stocks to watch out for in Friday's trading session.
Stocks in news: Vodafone, Yes Bank, HPCL, Jubilant FoodWorks, JK Tyre
8. 30 AM: Closing
Yesterday, the 30-share BSE benchmark Sensex ended 362 points higher at 38,025 and broader NSE Nifty advanced 98 points to 11,200.
Sensex ends 362 points higher, Nifty at 11,200 as RBI keeps repo rate unchanged