Sensex, Nifty LIVE Updates on September 30: Market indices erased pre-opening gains and traded lower for the second straight day amid weak global cues. Where Sensex was trading at 37,873, down 100 points and Nifty fell by 20 points to trade at 11,200. Yesterday, Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222.
Here's a look at the updates of the market action on BSE and NSE today
10.00 AM: Market erases gains
Market indices erased pre-opening gains and traded lower for the second straight day amid weak global cues. Where Sensex was trading at 37,873, down 100 points and Nifty fell by 20 points to trade at 11,200.
9. 55 AM: Gold outlook
Gold outlook by Hareesh V, Geojit's head of commodity research sid," Gold is likely to be choppy ahead of the first US Presidential election debate. Even though a strong US dollar and optimism over COVID-19 vaccine is weighing the safe haven demand of gold, increasing US-China tensions and hopes of fiscal stimulus measures continue to offer lower level support to the commodity.
On London spot technical outlook, he added," If prices hold the support of $1840, we can expect a rebound, but it needs to break $1920 to continue the momentum. An unexpected drop below $1820 would extend further selling pressure later."
As per Geojit Financial Services, MCX Gold August futures resistance is placed at 51120 and support is at 49200.
9. 48 AM: Nifty outlook
Geojit Financial in its note said,"Since Friday, we have been running the 11327/476 view, but had raised suspicions of a turn lower from 11300 yesterday. While this evolved to a dot, 11200 also attracted bargain hunting as expected pointing at the default trend. The full achievement of Friday's upside objective of 11327/11476 still stands a fair chance, but volatility has emerged as the dominant theme now. Downsides look supported in the 11150-11040 region, while upsides see several hurdles inside the 11300-11500 maze."
9. 35 AM: Nifty technicals
As per -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, "The Nifty is still below the 11350 level which means it is still within the bearish zone. It will turn bullish only when it is successful in closing above the 11350 level. Until then traders could consider a favourable risk reward ratio trade and look for opportunities to short the index at these levels for a target of 10800 and a stop loss above 11350."
9. 27 AM: Global markets
Asian stocks traded mixed on Wednesday, tracking weakness from European and US markets and as investors reacted to the release of key economic data for September.
Wall Street closed lower on Tuesday, snapping a three-day winning streak as investors were cautious amid political uncertainity and release of key economic data. US stokcs closed lower after first round of presidential debate involving United States President and Republican Party candidate Donald Trump and his rival from the Democratic Party Joe Biden.
Tug-of-war over the new aid package between U.S. House of Representatives and House Democrats also kept sentiments tepid.
European markets traded in the red as investors fretted over another wave of the coronavirus pandemic that can spark tighter lockdown measures. As per market analysts, Euro will take cues from ECB president's speech on Monday and Wednesday.
9. 15 AM: Opening session
Market indices erased pre-opening gains amid weak global cues and turned flat, with Sensex trading at 37,990 and Nifty at 11,210.
9.00 AM: Nifty outlook
Ajit Mishra, VP - Research, Religare Broking Ltd said," The pause was on the expected lines after the recent bounce and existence of hurdle at 11,300 in Nifty. Going ahead, the upcoming auto sales numbers will be closely watched by the participants. Meanwhile, global cues will continue to dictate the trend."
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We were unable to get past the 11300-11350 levels on a closing basis. It is only above these levels that the markets might turn bullish. Until then, there is scope for a reversal and for the Nifty to fall and endeavour the levels of 10700-10800."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 29 September, provisional data showed.
8. 40 AM: SGX Nifty
SGX Nifty was rising 8 points higher, indicating positive trend in domestic grounds today.
8. 30 AM: Closing on Tuesday
Indian benchmark indices turned volatile and ended flat on Tuesday amid mixed global equities. Yesterday, Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222.
Sensex, Nifty close flat; ONGC, Axis Bank, HCL Tech top losers