Sensex, Nifty LIVE Updates on September 7: Sensex and Nifty turned bearish for the third consecutive session on Monday, after a heavy decline on Friday, on back of mixed global equities. Sensex was trading 100 points lower at 38,256 and Nifty was 67 points down at 11,265. On Friday, Sensex and Nifty closed 1.6% lower each, tracking losses in the global markets. Sensex ended 633 points lower at 38,357 and Nifty closed 193 points down at 11,333. Over the last week, Sensex and Nifty declined 1,110 points (2.81%) and 313 points (2.69%), respectively.
Here's a look at the updates of the market action on BSE and NSE today
11.07 AM: Gold outlook
Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking, "Last week Gold prices have corrected by 1.50% and closed at Rs 50,678 levels. Silver prices also corrected sharply by 2.28% and closed at 67,226 levels. In international market Spot, gold is trading at $1935 per ounce and silver is trading at $26.99 per ounce levels. The losses for the yellow metal were limited as US Federal Reserve's officials signalled towards a prolonged lower interest environment and more stimulus measures in the coming months to help the economy get back on track."
10. 53 AM: Market update
Equities globally fell on the back of weak US job data, raising fears of slower global economic recovery from COVID-19 pandemic. Investors were bearish on equities as coronavirus case numbers rose in the United States and some other countries, re-imposing anti-disease controls that disrupt businesses.
10. 38 AM: Gold MCX
On the Multi-Commodity Exchange platform, gold traded a tad higher tracking international commodity markets. Gold October Futures gained Rs 68 at Rs 50,746, after hitting an intraday high of Rs 50,823 against the previous close of Rs 50,678 per 10 gm. MCX gold futures currently trade over Rs 5,300 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7. On MCX, the yellow metal has risen 41.5% to life-time high since the beginning of the year.
10. 24 AM: Global markets
Domestic as well as international equity markets were trading majorly lower today, amid weak stance by investors due to heightened tensions of slower recovery from virus pandemic. Asian stock markets were mixed on Monday, tracking losses in Wall Street that registered its biggest weekly decline in more than two months on Friday. Benchmarks in Shanghai, Tokyo and Hong Kong retreated while Seoul and Sydney gained.
10. 11 AM: Coronavirus toll
Traders said investors rushed to the safe-haven asset amid weakness in equity markets due to the rising cases of coronavirus, on a global scale. Worldwide, there were 272 lakh confirmed cases and 8.87 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 71,687 and total coronavirus cases to 42.04 lakh as of Monday.
9. 50 AM: Marker turns bearish
Sensex and Nifty turned bearish for the third consecutive session on Monday, after a heavy decline on Friday, on back of mixed global equities. Sensex was trading 100 points lower at 38,256 and Nifty was 67 points down at 11,265.
9. 43 AM: Nifty outlook
Reliance Securities said in its note,"NSE-NIFTY witnessed sharp decline post sideways movement and tested its low of bullish harami cross pattern (placed at 11,326 level). Weakness across the globe dragged the index below its 20-day EMA for the first time since 4th August, 2020 (on closing basis). Due to such a sharp decline in the index, its key technical indicators on the near-term timeframe chart turned in favour of bears. Any convincing move below its 11,326 level will accelerate undergoing negative momentum and will drag the index towards 11,111 and 10,809 levels, which coincides with its recent swing low and its 200-day SMA, respectively. On the higher side, the index will face hurdle around its high of bullish harami cross pattern, which is placed at 11,794 mark.
As for the day, support is placed at around 11,274 and then at 11,215 levels, while resistance is observed at 11,423 and then at 11,512 levels."
9. 36 AM: Stocks to watch today on September 7
SBI, Lakshmi Vilas Bank, RIL, Maruti Suzuki, Vodafone Idea among others are the top stocks to watch out for in Monday's trading session
Stocks in news: SBI, Lakshmi Vilas Bank, RIL, Maruti Suzuki, Vodafone Idea
9. 28 AM:Global markets
Asian stocks are trading higher on Monday, despite rising tech tensions between Washington and Beijing.
As per reports, the Trump administration is considering imposing export restrictions on Semiconductor Manufacturing International Corporation, China's largest manufacturer of semiconductors.
In US, stocks closed lower on Friday though well above its session low as selling eased late in the day after investors dumped heavyweight technology stocks due to concerns about high valuations.
Asian stocks trade mixed after Wall Street slides
9. 20 AM: Opening session
Sensex and Nifty opened volatile on Monday, after a heavy decline on Friday, on back of mixed global equities. Sensex was trading 47 points lower at 38,310 and Nifty was 23 points higher at 11,357.
9. 10 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 1,888.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 456.88 crore in the Indian equity market on 4 September, provisional data showed.
8. 50 AM: Technical Insights
Technically, Nifty held above 11300 on a closing basis. "Wide-ranging days like the one witnessed on Monday have more often than not been turning points for the markets," said Nirali Shah, Senior Research Analyst, Samco Securities.
She added,"Once the immediate support of 11100 is broken on the downside, Nifty50 might head to test the lower end of the channel which is placed at 10700 levels. Immediate resistance is now placed at 11600."
On market closing today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, "We managed to stick above the 11300 level which is a saving grace for the bulls until markets reopen on Monday. If we breach this level on a closing basis, we could enter into a short term bear phase. On the upside, we need to get past 11600 for the markets to continue its upward momentum."
8. 40 AM: Rupee Closing
Indian rupee, on the currency front, snapped from its two-day losing streak and ended stronger on Friday. The local unit witnessed high volatility and later closed at 73.14 against the US currency, registering a gain of 33 paise over its previous close of 73.47 per dollar.
8. 30 AM: Market Closing
Sensex and Nifty closed 1.6% lower each on Friday, tracking losses in the global markets. Sensex ended 633 points lower at 38,357 and Nifty closed 193 points down at 11,333. Over the last week, Sensex and Nifty declined 1,110 points (2.81%) and 313 points (2.69%), respectively.