Sensex, Nifty LIVE Updates on September 4: Sensex and Nifty opened deep in red territory on Friday, extending yesterday's losses, following major drop in global equities. Amid heavy selling pressure in banking and financials, Sensex fell 560 points to 38,400 and Nifty was falling 150 points to 11,373. Meanwhile, April-June quarterly earnings announcements by Future Retail, Jubilant Life Sciences, Repco Home Finance will also set the tone for the stock market today. Yesterday, Sensex ended 95 points lower to 38,990 and Nifty closed 7.55 points lower at 11,527.
Here's a look at the updates of the market action on BSE and NSE today
10. 45 AM: Nifty outlook
On Nifty's outlook, Geojit Financial said in its note,"We had bet on volatility yesterday rather than a directional move, with the bias slightly favoured towards slippages, not exceeding 11300. Standard deviation studies point to a higher possibilities of a rise now, but with not many indicators in confirmation, it is difficult to see past 11700 for the time being."
10.34AM: Gold outlook
On Gold's outlookk, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices have fallen by 0.16% and closed at 50,742 levels, and silver prices have fallen by 1.95% and closed at 66,926 levels. In international market Gold is trading at $1937 levels and silver is trading at $26.76 levels. We witnessed a sharp recovery in Dollar index on the back of sharp fall in US Jobless claim and due to this data we notices fade out of gold and silver demand as safe heaven asset. The US Dollar recovered as positive data may strengthened the US economy might weigh on the Gold prices. As of today, traders can go for sell in gold at Rs 51,100 levels with the stop loss of Rs 51,650 levels for the target of 50,200 levels. They can also go for sell in Silver at Rs 67,500 levels, with the stop loss of 69,100 levels and for the target of 65,000 levels. In the Bullion index 'Bulldex' traders can also go for sell at 16000 with the stop loss of 16250 and for the target of 15700."
10. 24 AM Oil prices today
Oil price closed slightly lower yesterday as US unemployment data, which was below estimates, raised concerns over the speed of economic recovery.
10. 13AM: Global markets
Asian markets are trading lower tracking overnight plunge in US markets.
Stocks in Wall Street closed sharply lower as investors booked profits in technology stocks and as economic data raised concerns. US Monthly payroll data is scheduled later in the day.
European markets had closed lower as investors digested Euro are PMI data.
Australia's retail sales data for July will be announced later in the day.
10.05 AM: Nifty outlook
As per Reliance Securities, NSE-NIFTY once again remained sideways after forming bullish harami cross pattern around its 20-day EMA. Due to undergoing consolidation, its key technical indicators on the near-term timeframe chart remained mix. As mentioned earlier, we continue to believe that the index will oscillate between the low and high of that red candle before a directional move, which are placed at 11,326 and 11,794 levels, respectively. In case of breakdown, the index will initially find support at 11,111 level and then at 10,814 mark, which coincides with its recent swing low and its 200-day SMA, respectively.
As for the day, support is placed at around 11,495 and then at 11,463 levels, while resistance is observed at 11,572 and then at 11,617 levels.
9. 54 AM:Top losers and gainers
Kotak Bank, Axis Bank, HDFC, SBI, ICICI Bank were among the top losers on BSE. On the ohter hand, Maruti, Asian Paints and Sun Pharma were the only gainers
9. 40 AM: Global Markets
Overseas, Asian stocks were trading lower on Friday following sharp declines on Wall Street overnight. In US, stocks fell sharply on Thursday. The Dow Jones Industrial Average dropped 2.8%, to 28,292.73 for its biggest one-day decline since June 11. The S&P 500 slid 3.5% to 3,455.06 and the Nasdaq Composite fell by 5% to close at 11,458.10.
9. 33 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 7.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 120.08 crore in the Indian equity market on 3 September 2020, provisional data showed.
9. 25 AM: Openings session
Sensex and Nifty opened majorly bearish on Friday, extending yesterday's losses, following weak global cues. Sensex fell 560 points to 38,400 and Nifty was falling 150 points to 11,373.
9. 14 AM: Earnings today
Future Retail, Jubilant Life Sciences, Repco Home Finance among others are scheduled to announce their June quarter earnings on Friday.
9.08 AM: Banks stocks under focus
Investors will focus on bank stocks today. The Supreme Court has directed banks not to tag loans that were standard as on 31 August as non-performing even if there was a default, till further orders. FM Sitharaman also asked banks to roll out resolution plans for covid-hit accounts by 15 September and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts. The minister urged lenders to immediately put in place a board-approved policy for resolution at the review meeting with heads of scheduled commercial banks and NBFCs through video conferencing. The six months moratorium on payment of EMIs ended on August 31.
9.00 AM: Technical Insights
On market's technical indicators, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," Going ahead, 11550 followed by 11650 are the levels to watch out for in the upward direction for Nifty, whereas on the flip side, 11450-11400-11325 is the cluster of supports."
Ajit Mishra said,"The recent macroeconomic data suggests that economic revival would be gradual. Further, there are no positive domestic triggers to boost sentiments thus we suggest continuing with a cautious approach and keeping a close watch on the lingering broader tension between India and China for cues."
8. 50 AM: Rupee closing
On the currency front, Indian rupee posted single-biggest session fall against the US dollar since May 4 and closed at 73.47 per dollar against the earlier closing of 73.03, amid weak momentum in the domestic equities and strong US dollar.
8. 40 AM: Market update
"Bank Nifty (down 1.44%) was the worst-performing index for the day on the basis of the Supreme Court observation on loan moratorium case. The Supreme Court said that banks should not take coercive action against borrowers. The next date of hearing on this case is scheduled on September 10," Keshav Lahoti, Associate Equity Analyst, Angel Broking.
8. 30 AM: Closing on Thursday
Domestic benchmarks closed on a negative note on Thursday, led by selling pressure in banking scrips, amid weak Asian equities. Reversing from 2 days of consecutive gains, Sensex ended 95 points lower to 38,990 and Nifty closed 7.55 points lower at 11,527.
Sensex, Nifty end lower after two sessions; PowerGrid, Axis Bank, ICICI Bank top losers