Sensex, Nifty LIVE Updates on September 25: Sensex and Nifty opened on a bullish note on Friday, amid positive global equities. SGX Nifty was rising 90 points higher, indicating positive trend in domestic grounds today. Sensex traded 453 points higher at 37,006 and Nifty gained 127 points to 10,932. Yesterday, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 crashed 326 points to 10,805.
Here's a look at the updates of the market action on BSE and NSE today
11. 51AM: Coronavirus toll
Worldwide, there were 324 lakh confirmed cases and 9.87 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 58-lakh mark and the death toll from COVID-19 infections rose to 0.92 lakh.
11. 35 AM: Gold outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said, "On Thursday, Spot gold ended marginally higher by 0.24% but headed towards a weakly decline as strengthening of the U.S. Dollar made the yellow metal undesirable for other currency holders. Spot silver ended higher by 1.6% to close at $23.2 per ounce while prices on the MCX ended higher by 1.95 percent closing at Rs 59629 per kg."
Rise in US unemployment claims and hopes over additional stimulus by US is expected to levy some support for gold prices, he said and added, "Reinforcement of lockdown in the Euro-zone reflecting the alarming increase in Covid-19 cases and slowdown in the business sector in US & Europe dampened hopes of a paced economic recovery. In August 20, Home sales in US grew to their highest levels in 14 years which supported the market sentiments."
11. 20 AM: Why Future Enterprises share fell 20% in 5 sessions
Share price of Future Enterprises fell 5% today after the firm CARE Ratings downgraded the credit rating of non-convertible debenture issue of the firm to 'D' from 'C'. Future Enterprises share hit lower circuit of 5% to Rs 11.20 against previous close of Rs 11.75 on BSE. The stock has lost 20.21% in the last five days.
Why Future Enterprises share fell 20% in five sessions
11. 11 AM: Mindspace update
Yash Gupta- Equity Research Associate, Angel Broking said,"Mindspace Business Park Reit one of the India's Grade A office portfolio, has pledge to transition to 100% electric mobility by expanding electric vehicle charging infrastructure for clients across all its business park by 2030, to help accelerate a global shifty to clean transport and reduce air pollution in the urban micro-markets of preference. Mindspace Business Park Reit becomes the first real-estate entity in India to join the climate group's global EV100 initiative. Mindspace Business Park has five integrated office parks and five quality independent offices with total 2 lakhs employees coming in to work each day at its offices. Mindspace Business Park Reit has already begun driving EV uptake amongst its clients by installing 1000+ charging points across its business parks. This is positive development for the company in the long run."
10. 47 AM: UTI AMC IPO
Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said,"UTI AMC IPO will open for subscription on September 29 and sets IPO price band at Rs 552-554 per share. We believe IPO will garner the interest from all market participants, as IPO Priced at an attractive valuation. UTI AMC demanding a valuation of 25x of FY20 earning and 5.3 percent of Q1FY21 QAAUM. However, Listed peers HDFC AMC trades at 35x FY20 earnings and Nippon AMC trades at 37x FY20 earnings. Additionally HDFC and Nippon AMC trades at 12.56 percent and 8.55 percent of Q1FY21 QAAUM, Respectively. Hence Considering attractive valuation and asset-light business models we believe IPO sail through successfully."
10. 32 AM: Global markets
Overseas, Asian stocks are trading higher on Friday as a late Wall Street rally supported global sentiment.
In US, tech shares recovered some of their recent losses. Although gains were checked as the number of Americans filing new claims for unemployment benefits unexpectedly increased last week.
10. 13 AM: Market opening outlook
On markets opening today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty has opened in the green and traders can utilise this opportunity to strategize short positions as the index remains in a weak zone. We could witness a target of 10750 during the course of the October series. If we are unable to hold that level, the Nifty could further slide to 10600. The resistance zone on the upside is at 11550-11600."
10.003 AM: Market tehcnicals
Geojit Financial said in its note,"With September series closing near 11800, we have retraced 23% of the March- September rally. Ideally this fibo level is a point of turn, which is what the October series would weigh in, in the initial days. However, standard deviation studies suggest that the bounce back potential may be limited to 11324-11476, and the prospects for Nifty slipping into the 10500-10150 region needs to be given a serious consideration. Having said that we had long identified 10000 as a near bottom, suggesting that we may not be reliving a collapse akin to that of March 2020 again. Alternatively, direct rise above 11476 should re open chances of 12500 again. Potential of a vertical recovery looks limited though."
9. 45 AM: Global markets
Asian markets are trading higher tracking overnight gains in US markets. Investors will focus on Chinese bonds as they are going to be included in FTSE World Govt. Bond Index.
U.S. markets saw volatility through the day. US Jobless claims data was slightly above estimates but was below the 1mln mark. Tech stocks added to negativity.
European markets closed lower as investors' hope for economic rebound lost sheen as many see a second wave of coronavirus developing.
9. 31 AM: Opening session
Sensex and Nifty opened on a bullish note on Friday, amid positive global equities. SGX Nifty was rising 90 points higher, indicating positive trend in domestic grounds today. Sensex traded 453 points higher at 37,006 and Nifty gained 127 points to 10,932.
9. 10 AM: Market outlook
As per Reliance Smart Money, NSE-NIFTY breached its three expiries old rising trend and reported fall of 6.5%. On the last trading session of expiry, the index slipped to 2-month low continuing its daily falling trend and settled tad above its long-term moving average 200-day SMA. Though its major technical indicators remained in sell mode, near-term rebound cannot be ruled out as we believe the index will respect its long-term moving average. On the higher side, the index will face major hurdle at around 11,100 mark. In case the index violates its long-term moving average, next supports placed at 10,624 and 10,563 levels, which coincide with its 100-day SMA and mid-July low, respectively.
As for the day, support is placed at around 10,725 and then at 10,645 levels, while resistance is observed at 10,951 and then at 11,095 levels
9.00 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 1,885.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 188.64 crore in the Indian equity market on 24 September, provisional data showed
8. 50 AM: Nifty technical indicators
On the technical front, supports placed at around 11,018 and then at 10900-10950 levels were crossed during the session, with Nifty ending at 10,800 today. In this week, Sensex and Nifty have fallen by 2,426 points or 6.2% and 710 points or 6.17%, respectively. Yesterday, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.
Ajit Mishra, VP - Research, Religare Broking said,"Nifty is down by nearly 6% this week so far and tested the crucial level of 10,800 too however there's no sign of respite from the banking index."
8. 40 AM: Nifty outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We have been cautious on the market recently and our strategy to remain light on trading positions has played out well so far. Now, the index is near to its immediate support zone of 11000-10950. On the flipside, 11250-11300 remains an immediate resistance zone. The index could consolidate within this range in next couple sessions and we could also see some swings within the range on the expiry day."
8. 30 AM: Closing yesterday
Domestic benchmarks Sensex and Nifty ended with deep losses, ending almost 3% lower on Thursday, the expiry day for September futures & options contracts, backed by heavy selloff in global equities. Yesterday, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 crashed 326 points to 10,805.