Sensex, Nifty LIVE Updates on August 21: Domestic benchmark indices opened on a bullish note on Friday, reversing from yesterday's losses, amid positive SGX Nifty and other global equities. SGX Nifty was rising 75 points higher, indicating positive trend in domestic grounds today. Meanwhile, April-June quarterly earnings announcements by PNB, Union Bank of India, Oil India, Indiabulls Housing Finance, Coffee Day Enterprises will also set the tone for the stock market today. Yesterday, Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312.
Here's a look at the updates of the market action on BSE and NSE today
9.56 AM: AGR case hearing
The Supreme Court on Thursday expressed concerns that nearly the entire Adjusted Gross Revenue (AGR) dues pending against the telcos facing insolvency proceedings will be wiped out in the Insolvency and Bankruptcy Code (IBC) proceedings. A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah also said that a new buyer of spectrum, under the insolvency process, will extinguish any pending demand against the spectrum in question. The hearing will resume on Friday.
9. 45 AM: RBI MPC minutes
RBI Governor Shaktikanta Das has emphasised that although there is headroom for further monetary policy action, the "arsenal" has to be kept dry and used judiciously for promoting growth which has been hit hard by the COVID-19 pandemic, according to the MPC minutes released on Thursday. Das also said that the recent surge in retail inflation is negatively impacting the efforts by the central bank to revive economic growth
9. 34 AM: Nifty outlook
Reliance Research in its note said,"NSE-NIFTY tested its negative gap of 28th February, 2020 (11,433-11,537) and formed a bearish reversal pattern-Evening Star. The Evening Star Pattern is considered a very strong indicator of future price decline. Due to recent decline in the index, its technical indicators on the near-term timeframe chart remained in sell mode. This could drag the index towards its 20-day EMA and then around its 200-day SMA, which are now placed at 11,186 and 10,831 levels, respectively. On the higher side, the index will continue to face major hurdles in the range of 11,433-11,537."
As for the day, support is placed at around 11,281 and then at 11,250 levels, while resistance is observed at 11,353 and then at 11,393 levels.
9. 20 AM: opening session
Domestic benchmark indices opened on a bullish note on Friday, reversing from yesterday's losses, amid positive SGX Nifty and other global equities. SGX Nifty was rising 75 points higher, indicating positive trend in domestic grounds today. Sensex was rising 270 points higher at 38,491 and Nifty gained 77 points to 11,389.
9.10 AM: Global cues
Asian stocks were trading higher on Friday after a tech-driven rally on Wall Street. In US, Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery. Gains in Apple Inc, Amazon.com Inc and Microsoft Corp underpinned a rally in Wall Street's three main indexes as investors bet the tech giants would ride out the economic crisis.
The Trump administration on Thursday reportedly declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held 'in the coming days' to evaluate the agreement's progress.
9.01 AM: FII/ DII action data
Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.
8. 45 AM: Earnings today
Punjab National Bank, Union Bank of India, Oil India, Indiabulls Housing Finance, Coffee Day Enterprises, Automotive Stampings, Genus Paper & Boards, Harrisons Malayalam, Kolte-Patil Developers, Rossari Biotech, SMS Lifesciences, Suprajit Engineering, Venus Remedies among others will report Q1 results today.
8.35 AM: Market outlook
"The benchmark index has been gradually inching higher amid positive yet volatile global markets. And, we do not see this scenario changing any time soon. At the same time, noticeable traction in the broader space is offering ample opportunities to the traders. We reiterate our view to focus more on the selection of stocks and trade management citing overnight risk," said Ajit Mishra, VP - Research, Religare Broking.
Share market expectations: 5 things to know before tomorrow's opening bell
8. 30 AM: Closing
Snapping three straight days of gains, domestic equity benchmarks on Thursday ended in the red amid weak global cues. Sensex closed 394 points lower at 38,220 and Nifty fell 96 points to 11,312. Markets globally were trading largely bearish today after the Federal Reserve raised concerns on the US economic recovery from the devastating effects of the pandemic.
Sensex snaps 3-days of gains, ends down 394 points; ICICI Bank, HDFC among losers