Sensex, Nifty LIVE Updates on August 26: Extending gains for the third straight session, Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Tthe S&P BSE Sensex gained 85 points higher at 38,927. The Nifty 50 index gained 29 points higher at 11,501. SGX Nifty was rising 17 points higher, indicating positive trend in domestic grounds today. Meanwhile, April-June quarterly earnings announcements by Indraprastha Gas, Gillette India, Gujarat Mineral Development Corporation, Dolat Investments, NACL Industries and Sharda Motor Industries will also set the tone for the stock market today. Yesterday, the S&P BSE Sensex ended 44 points higher at 38,843. The Nifty 50 index closed mere 5 points higher at 11,472.
Here's a look at the updates of the market action on BSE and NSE today
11.14 AM: Coronavirus toll
In India, the death toll touched 59,612 and total coronavirus cases reaching 32.34 lakh as of Tuesday. Worldwide, there were 240 lakh confirmed cases and 8.23 lakh deaths from COVID-19 outbreak.
11. 03 AM: MCX Gold
On the Multi-Commodity Exchange, gold September Futures traded 0.31% or Rs 156 higher at Rs 51,080, after hitting an intraday high of Rs 51,184 against the previous close of Rs 51,165 per 10 gm. MCX gold futures currently trade almost Rs 5,026 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7.
10. 56 AM: Gold outlook
As per Geojit Financial Services, the immediate support range of $1880-1900 levels seems to be hold and hence expect a recovery uptick for the day. However, it needs to close above $1960 to strengthen the momentum. A direct drop below $1880 is a signal of weakness.
10. 30 AM: FDC drug launch update
Commenting on new drug launches by FDC Ltd which will be used for treatment of Covid-19, Mr. Yash Gupta, Equity Research Associate, Angel Broking said,"FDC Limited announces the launches Two variant's of Favipiravir Drug for Covid-19, PiFLU and Favenza- which will be used to treat mild to moderate cases of COVID-19 in India. Favipiravir has been approved by the Drugs Controller General of India (DCGI) for the treatment of patients with mild to moderate COVID-19 disease. FDC's PiFLU and Favenza are currently available across the country. This will be a very positive development for the FDC."
10. 12 AM: Gold outlook
Commenting on gold outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said,"As expected yesterday Gold prices fell by 0.67% and closed at Rs 50,924 levels. Silver also fell by 2.38% and closed at 64,007 levels. In international market Gold is trading at $1927 levels and silver is trading at $26.36 levels.
Today gold prices are expected to trade on a negative note on the back of strength in Dollar. Global equity market is trading higher as investors cheered signs of progress in U.S.-China trade negotiations and following a fresh Wall Street rally and also positive cues in front of vaccine of covid-19. The U.S. Food and Drug Administration's move to allow the blood plasma treatment was hailed by President Donald Trump.
As of today, traders can go for sell in gold at Rs 51,400 levels with the stop loss of Rs 51,950 levels for the target of 50,600 levels. They can also go for sell in Silver at Rs 65,200 levels, with the stop loss of 66,800 levels and for the target of 63,000 levels. Traders can use sell on rise strategy in Gold and Silver. In the Bullion index Bulldex traders can also go for sell at 16050 with the stop loss of 16150 and for the target of 15880."
10. 07 AM: GST rate cut
Commenting on the proposed GST rate cuts on two-wheelers, Jyoti Roy, DVP- Equity Strategy, Angel Broking said," There is an increasing likelihood that the GST council may take up the issues of cutting GSt rate on two wheelers from 28%. The finance minister in a CII meeting acknowledged the fact that two wheelers is neither a sin good nor a luxury good. Given that the 28% GST bracket has specifically been created for luxury and sin goods there is likelihood that the Government may take up the issue in the next GST council meeting which will have to take the decision. If the GST rate cut on the two wheeler industry is approved by the GST council then it will be positive for the industry. We expect two wheeler stocks to react positively to the news today. We continue to maintain our positive stance on the two wheeler sector with Hero Motocorp as our top pick in the sector.For MCX Gold August, resistance is placed at 51,580 and support is at 49,960. For MCX Silver August futures, the resistance is at 69,150 and the support is placed at 66,150."
10. 47 AM: Procter & Gamble Hygiene Q1 update
"For 4QCY20 (June closing), Procter & Gamble Hygiene and Health Care (P&G)s top-line growth was flat yoy to Rs635cr (better than expected). Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported improvement in margins, up 722bps yoy at 17.4%. Operating margin was up mainly due to better product mix. On the bottom-line front, P&G reported growth of 14% yoy to Rs69cr due better operating performance. Going forward we expect demand for hygiene products to remain intact (despite a slowdown in economy). Hence, we are positive on stock."
9. 57 AM: Stocks to watch today on August 26
TCS, SBI, PNB, JMC Projects, Procter & Gamble Hygiene among others are the top stocks to watch out for in Wednesday's trading session
Stocks in news: TCS, SBI, PNB, JMC Projects, Procter & Gamble Hygiene
9. 46 AM:BSE Sensex derivatives hits new high
BSE, the country's largest stock exchange, has registered a new all-time single day trading turnover record of Rs 1,07,673 crore on August 24, 2020, on its equity derivatives segment, Sensex 50 contracts. This happens to be the fourth consecutive session when the daily turnover has crossed 1 lakh crore. The previous high was Rs 1,03,117 crore recorded on August 21, 2020.
"The Sensex 50 contracts has achieved market share of 16.52 per cent against comparable index derivatives traded in India," the BSE said.
BSE Sensex derivatives hits new high, registers highest turnover of Rs 1,07,673 crore
9. 34 AM: Global markets
Overseas, Asian stocks are trading mixed on Wednesday as markets cheered signs of progress in US-Sino trade negotiations but remained cautious about the broader economic outlook.
Top US and Chinese officials reportedly reaffirmed their commitment to a trade deal that had appeared on shaky ground because of worsening bilateral ties following weeks of escalating tensions between the world's two largest economies. Wall street also closed mixed, taking cues from positive developments in U.S-China trade and fresh progress in the medical battle against the coronavirus pandemic.
9. 26 AM: Opening session
Extending gains for the third straight session, Sensex and Nifty opened on a bullish note on Wednesday, amid positive global equities. Tthe S&P BSE Sensex gained 85 points higher at 38,927. The Nifty 50 index gained 29 points higher at 11,501.
9. 13 AM: Nifty outlook
As per Reliance Securities, NSE-NIFTY ended on a flat to positive note post a st tbrong start for the week. The index rose to almost six month high on back of strength in the PSU banking sector and frontline majors. Due to further rise in the index, its key technical indicators on the near-term timeframe chart remained in favaour of bulls. This could lead the index towards 11,537 and 11,614 levels in the near-term. In case of decline, the index will initially find support at 11,252 level and then at 11,111 mark, which coincides with its 20-day EMA and recent swing low, respectively.
As for the day, support is placed at around 11,422 and then at 11,371 levels, while resistance is observed at 11,524 and then at 11,576 levels.
9.09 AM: Earnings Today
Indraprastha Gas, Gillette India, Gujarat Mineral Development Corporation, Dolat Investments, NACL Industries and Sharda Motor Industries are among companies which will disclose their Aptil-June quarter results today.
8. 55 AM: Technical Insights
Nifty50 - the benchmark index traded above the crucial support level of 11350 but resistance was observed at 11,406 and 11,440 levels.
On the near term outlook for market indices, Ajit Mishra, VP - Research, Religare Broking said, "The recent buoyancy in the banking space is helping the index to inch higher while other index heavyweights are seeing a pause. We reiterate our bullish view on markets and suggest continuing with the 'buy on dips' approach."
8. 50 AM: FII/ DII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,481.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 172.97 crore in the Indian equity market on 25 August, provisional data showed.
8. 40 AM: Rupee closing
Amid volatility in the equity market, Indian rupee that opened 15 paise higher gave up gains and ended flat at 74.32 per dollar, as against yesterday's close of 74.31, after hitting day's low of 74.51 per US dollar.
8. 45 AM: Market outlook
Commenting on markets closing today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The market was in a see-saw mood all of today. We travelled in a narrow range of 50-70 points throughout the day but the bias remained positive until closing time. We are still aiming at reaching the 11,700 mark during the course of the next couple of weeks and 11,300 continues to remain the support for the Nifty."
8. 30 AM: Closing
Domestic benchmarks erased early gains on account of mixed global cues and ended tad higher on Tuesday, amid heavy buying in banking and financials. Extending gains for the third straight session, the S&P BSE Sensex ended 44 points higher at 38,843. The Nifty 50 index closed mere 5 points higher at 11,472.
Sensex ends 44 points higher, Nifty at 11,472; IndusInd Bank, SBI top gainers