Asian stocks market peers were seen trading subdued in early early on FridayShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open in the positive territory after a one day 1,066-pt fall. Trends on SGX Nifty suggested a gap-up start for the indices on Friday, as Nifty futures were trading 67 points higher at 11,762 on Singaporean Exchange. Investors will watch corporate earnings for stock-specific action, trends in COVID-19 cases, oil and rupee movement and other global cues. Besides, the finance ministry will kick-start the exercise to prepare the annual Budget for 2021-22 from today. Asian stocks market peers were seen trading subdued in early on Friday. Japan’s Nikkei 225 edged lower in early trade, while Topix declined 0.4 per cent. South Korea’s Kospi was trading flat. In overnight trade on Wall Street, US stocks ended lower. The Dow Jones Industrial Average fell 0.07 per cent, while the S&P 500 lost 0.15 per cent. The Nasdaq Composite dropped 0.47 per cent.
Finance Minister Nirmala Sitharaman on Thursday said V-shaped pattern of recovery is being seen in several high-frequency indicators, driven by various measures taken by the government to revive economic growth, hit hard by the outbreak of COVID-19 pandemic. She mentioned that the V-shaped pattern of recovery is being seen in several high-frequency indicators, including manufacturing PMI that reached the highest level in last eight years in the month of September 2020, presenting a strong recovery prospect for the manufacturing sector.
Highlights
BSE Sensex jumped over 350 points or 0.87 per cent to trade at 40,072.90, while the Nifty 50 regains 11,750 to rule at 11,768 on Friday.
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Taking cues from global peers, BSE Sensex and Nifty 50 fell up to 2.6 per cent in Thursday’s session. At close, investors had lost Rs 3.28 lakh crore in wealth today. S&P BSE Sensex ended 2.61 per cent lower at 39,728.41, while the Nifty 50 index settled at 11,680.35, down 291 points, or 2.43 per cent. The bloodbath on Dalal Street wiped off all the gains made in the last six sessions. Even the 10-day rally failed to push Nifty 50 above the January high (all-time high) of 12,431.
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BSE Sensex jumped over 250 pts to trade at 39,983, while the broader Nifty 50 reclaimed 11,700 level in pre-open today.
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HCL Technologies: IT giant HCL Tech is scheduled to announce its July-September quarter earnings later in the day today.Bharti Airtel: Bharti Airtel announced an agreement under which Comfort Investments II will invest US$235 million in Nxtra Data Limited.
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Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) net sold shares worth Rs 604.07 crore and Rs 808.29 crore on October 15, as per provisional data available on the NSE.
Given the sharp nature of the fall, we may see some minor technical pullbacks.. however, the possibility of the NIFTY testing the 50-DMA , which presently stands at 11430 cannot be ruled out. Also, the zone of 11430-11500 can act as a potential pattern support in form of a falling trend line which the NIFTY took out on its way up. This trend line began from 11800 and joined the subsequent lower tops. This trend line, which was a resistance earlier, is now expected to act as support: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst, Gemstone Equity Research & Advisory Services
Domestic crude fell on Thursday, tracking weak overseas prices. Domestic crude could start flat to marginally lower and remain range bound this Friday, tracking overseas prices. Technically, MCX Crude Oil October recovered from its early losses and bounced from its multi support levels of 2880 indicating a positivity in the counter. Resistance is at 3020-3055 levels and Support is at 2950-2920 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities
The Nifty after so many attempts has failed to go above the January high of 12431. A large bear candle at the top could result in more weakness if Nifty does not stop falling in the next 1-2 days. On fall, the Nifty could take support in the 11522-11605 band: Deepak Jasani, Head of Retail Research, HDFC Securities
The break of 11800 proved to be quite severe in intensity as the markets dropped 150 points from that level. Traders are advised to maintain caution and not jump into long or short trades immediately. The resistance on the upside is at 12000 and the support for the medium term is at 11500: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Thursday's fall engulfed the gains of the last six sessions and derailed the momentum as well. We believe 11,600 would be the next critical support in Nifty. Considering the scenario, we suggest maintaining short positions also and limiting trades largely to the index majors. Besides, participants should keep a close watch on global developments for cues: Ajit Mishra, VP - Research, Religare Broking Ltd
On Thursady, Nifty failed to follow a continuation pattern and that triggered extreme weakness in the market. Nifty is heading towards 10500 on the minimum side. On the higher side, 11780/11800 would be key hurldes and traders should look for selling short on the Nifty with a final stop loss at 11850: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Finance Minister Nirmala Sitharaman on Thursday said V-shaped pattern of recovery is being seen in several high-frequency indicators, driven by various measures taken by the government to revive economic growth, hit hard by the outbreak of COVID-19 pandemic.
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