Sensex, Nifty LIVE Updates on August 24: Sensex and Nifty opened on a bullish note on Tuesday, amid mixed global equities. Sensex was trading 221 points higher at 38,271 and Nifty was rising 70 points higher at 11,317. Meanwhile, April-June quarterly earnings announcements by Zee Entertainment Enterprises, Hindustan Aeronautics, JK Cement, Uflex, GTL Infrastructure, TCNS Clothing will also set the tone for the stock market today. Yesterday, Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to close at 11,259.
Here's a look at the updates of the market action on BSE and NSE today
10. 53 AM: Global cues
Asian markets were trading mixed with a slight negative bias as investors continued to observe developments on tensions between US-China.
US markets closed higher despite stalemate over fresh stimulus to support American citizens and businesses. European markets closed in green even though the week started off in a choppy manner as concerns over spread of coronavirus continued.
10. 42 AM: Gold prices today
Overseas, gold prices inched closer to the $2,000 mark today, as dollar fell 0.2% to a more than one-week low. Weakness in dollar was on back of cautious traders, focusing on minutes from the US Federal Reserve's last policy meeting, set to release this week.
Spot gold rose 0.2% to $1,990.13 per ounce, while Comex gold traded flat at $1,985 per ounce, after hitting $2,063 in the previous session. US gold futures inched up 0.1% to $1,999.70. Silver climbed 1.4% to $27.77 per ounce
10. 33 AM: Gold outlook
As per Geojit Financial Services, though the broad bias is on the bullish side, prices likely to face resistance near $2000 and trigger corrective sell offs for the day. However, a direct rise above the same would lift the sentiments higher.
For MCX Gold August, resistance is placed at 53,850 and support is at 51,400. For MCX Silver August futures, the resistance is at 71,500/74,980 and the support is placed at 66,200/60,800.
10. 25 AM: Coronavirus toll
Worldwide, there are 220 lakh confirmed cases and 7.77 lakh deaths from COVID-19 outbreak. Meanwhile, India continues to see a rising number of coronavirus cases, with death toll nearing 52,000 and total coronavirus standing at 27.01 lakh as of Tuesday.
10.18 AM: Nifty outlook
Geojit Financial Services said in its note," Yesterday, we had anticipated the 11238-11270 region to attract volatility, and that is exactly where Nifty closed. The 11600 view is still in play, but we would like to push the upside marker to 11390 and play for volatility again today."
10. 07 AM: Oil prices today
Oil price edged edged lower on Tuesday, but still mostly held onto overnight gains as OPEC producers almost met their global production cut commitment and on positive comments from US on China over compliance with trade deal. Brent crude was down 6 cents, or 0.1%, at $45.31 a barrel, after gaining 1.3% on Monday. U.S. crude was down 0.2%, at $42.81 a barrel, having risen 2.1% in the previous session.
9.54 AM: Stocks to watch today on August 18
YES Bank, Bandhan Bank, SBI Card, Quess Corp, Indiabulls Real Estate among others are the top stocks to watch out for in Tuesday's trading session
Stocks in news: YES Bank, Bandhan Bank, SBI Card, Quess Corp, Indiabulls Real Estate
9. 47 AM: Nifty outlook
Expressing views on Nifty's technical indicators, RSL Research said," NSE-NIFTY respected its 20-day EMA after a bearish confirmation of Tri-Star Pattern. Due to recent recovery, the index settled above the bearish confirmation point (11,243 mark) and formed a Bullish Harami Cross Pattern. In case the index manages to surpass the high of Bearish candle of Harami Cross Pattern convincingly (placed at 11,366 level), rising trend will resume. That could help the index to test 11,435 mark. In the meanwhile, the index will remain sideways. On the lower side, the index will initially find support around its 20-day EMA and then around its 200-day SMA, which are placed at 11,123 and 10,840 levels, respectively.
As for the day, support is placed at around 11,180 and then at 11,101 levels, while resistance is observed at 11,303 and then at 11,346 levels."
9. 32 AM:AGR hearing
Shares of telecom companies, Vodafone Idea and Airtel, will react to the outcome of AGR hearing in early trade on Tuesday. The three-Judge bench of Supreme Court, which is hearing the case, reportedly asked the government to share its view on how it plans to recover adjusted gross revenue (AGR) dues of RCom from Mukesh Ambani-controlled Reliance Jio Infocomm (RJIL) and also explain its stand on Jio using spectrum of RCom since 2016.
9. 22 AM: Opening session
Sensex and Nifty opened on a bullish note on Tuesday, amid mixed global equities. Sensex was trading 221 points higher at 38,271 and Nifty was rising 70 points higher at 11,317.
9. 13 AM: Global cues
Asian stocks were little changed on Tuesday as investors continued to watch developments in US-China tensions. US President Donald Trump's administration announced Monday a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant's access to commercially available chips.
Wall Street stocks also closed muted over lingering concerns over a US coronavirus stimulus bill. Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package.
9.07 AM: FII/ DII action
Foreign portfolio investors (FPIs) bought shares worth Rs 332.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 717.62 crore in the Indian equity market on 17 August, provisional data showed.
9.00 AM: Week ahead
Expressing views over the week's trend, Ajit Mishra, VP - Research, Religare Broking said: "Markets will first react to the outcome of AGR hearing in early trade on Tuesday i.e. August 18. On the global front, participants are closely eyeing the US and China tussle. Besides, the upcoming OPEC meeting is also on their radar. We thus advise continuing with a positive yet cautious stance and maintaining focus on overnight risk management."
8. 55 AM: Market outlook
With quarterly earnings of index heavyweights already out, traders will keep an eye on 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.
Investors remained cautious over the uncertainty regarding the fresh US economic relief, the US-China trade talks and rising coronavirus crisis. Adding to it, the upcoming OPEC meeting will be closely watched.
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8. 50 AM: Earnings today
Zee Entertainment Enterprises, Hindustan Aeronautics, JK Cement, Uflex, GTL Infrastructure, TCNS Clothing are among companies scheduled to announce their April-June quarter earnings today.
8. 45 AM: Rupee Closing
The USD-INR pair ended flat at 74.89 in another range bound session, compared to previous close of 74.90. There was low volume in the currency market in the absence of any significant triggers globally as the trade talks between world superpowers got postponed indefinitely. Rupee remained range bound during the day's trade despite global dollar weakness and positive equities.
8. 40 AM: Nifty outlook
Commenting on the market movement, Manish Hathiramani, said, "11050 would be the level to watch out for this week. If we can break that, shorts could be attempted for a target of 10800-10900. On the upside, 11350 is the resistance and any up move would require us to go past that."
8. 35 AM: Nifty technical indicators
"The short term trend of Nifty is at the verge of shifting towards up, after one day weakness. The formation of negative patterns on Friday is at the edge of negation (on the Nifty moving above 11365). Hence, there is a possibility of further upside in the short term before showing any downward correction again from the new swing highs. Immediate support is placed around 11100-11150 and the key overhead resistance is placed at 11350-11380," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
8.30 AM: Closing on Monday
Sensex and Nifty ended on a bullish note on Monday, on back of heavy buying in auto and metal stocks, amid positive global equities. Reversing from three straight sessions of losses, Sensex ended 173 points higher at 38,050 and Nifty gained 81 points to close at 11,259. On Friday, the BSE Sensex settled 433 points lower at 37,877 and Nifty fell 122 points to end at 11,178.
Sensex ends 173 points higher, Nifty at 11,259; auto stocks lead