Investors will keep tabs on rising COVID-19 cases, July-September quarter earnings, oil prices and rupee trajectory. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Friday, as suggested by trends on SGX Nifty. Nifty futures were trading 7.50 points down at 12,167.50 on Singaporean Exchange. In the previous session, headline indices rose to over eight-month highs, erasing all the losses made in 2020. The vote counting pushed Democratic candidate Joe Bide closer to the victory in the US election 2020. Investors will keep tabs on rising COVID-19 cases, July-September quarter earnings, oil prices and rupee trajectory. Asian peers were seen trading mixed on Friday with Japan’s Nikkei 225 rising 0.74 per cent. The Shenzhen component shed 0.293 per cent. While Hong Kong’s Hang Seng index dipped 0.17 per cent. In overnight trade on Wall Street, US stocks surged. The Dow Jones Industrial Average rose 1.95 per cent while the S&P 500 gained 1.95 per cent. The Nasdaq Composite climbed 2.59 per cent.
Mukesh Ambani’s Reliance Retail Ventures Limited (RRVL) a subsidiary of Reliance Industries Limited (RIL), announced that The Public Investment Fund of Saudi Arabia will invest Rs 9,555 crore in the company for an equity stake of 2.04 per cent. The investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore. So far, RIL has raised Rs 47,265 crore by selling 10.26 per cent stake in its retail business.
Highlights
BSE Sensex was trading 128 points higher at 41,469, while the Nifty 50 index managed to jump 66 points to rule at 12,186.80 in pre-open on Friday.
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Indian markets could open flat following rangebound Asian markets today after strong gains over the last few days and despite sharply positive US markets on Thursday. The 1-2 day trend of the Nifty is now up and Nifty is likely to target the recent intermediate highs of 12247 in the very near term. Our 3-7 day targets are at 12311-12431 as the Nifty has broken out of its recent highs of 12026 after making a rounding bottom pattern on the daily chart. Our bullish bets for next 7 days are off if Nifty dives lower and closes below recent lows of 12027. Downside targets in this scenario would be at 11930: HDFC Securities
Long build up in the Nifty and Bank Nifty Futures, rise in the Nifty Open Interest Indicates that one should be optimistic for the markets. Therefore, our advise is to be bullish and use any down move to build fresh long positions with the stoploss of 12000 levels: HDFC Securities
The Nifty 50 index has managed to cross the 12000-12025 resistance zone that was held for all of October. Sustainability above this zone would signal an end to the recent 3-week consolidation and open door for a directional up move in the days ahead, with immediate resistances seen at 12247 followed by the life-time high of 12430. Meanwhile, support for the index lies at 11870. As long as that holds, the bias is skewed to the upside: Abhishek Chinchalkar, CMT Charterholder, Technical Analyst
A total of 219 listed companies including ITC, Cipla, Ashok Leyland, Bank of India, Union Bank of India, Vedanta, BHEL, Glenmark Pharmaceuticals, MRF, Quick Heal Technologies, REC, SAIL and Tata Consumer Products will announce their July-September quarterly earnings today.
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Investors wealth on Thursday zoomed by Rs 2.78 lakh crore as markets witnessed heavy buying, with the Sensex reclaiming the 41,000-mark. The 30-share BSE benchmark jumped 724.02 points or 1.78 per cent to close at 41,340.16.
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Technically Nifty made a bullish candle and is forming higher lows from the last four trading sessions. Now it has to continue to hold above 12000 to witness an up move towards 12200 then lifetime high of 12430 while medium-term support exists at 11900-11750. Volatility has also significantly cooled down which gives stability to the bulls in the market to ride the move towards all-time high territory. Investors would keep tracking the development over US election along with the Fed and BoE MPC meetings: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
In overnight trade on Wall Street, US stocks surged. The Dow Jones Industrial Average rose 1.95 per cent while the S&P 500 gained 1.95 per cent. The Nasdaq Composite climbed 2.59 per cent.
Asian peers were seen trading mixed on Friday with Japan’s Nikkei 225 rising 0.74 per cent. The Shenzhen component shed 0.293 per cent. While Hong Kong’s Hang Seng index dipped 0.17 per cent.
Mukesh Ambani’s Reliance Retail Ventures Limited (RRVL) a subsidiary of Reliance Industries Limited (RIL), today announced that The Public Investment Fund of Saudi Arabia will invest Rs 9,555 crore in the company for an equity stake of 2.04%. This will be the second such investment by The Public Investment Fund (PIF) in a subsidiary of RIL this year.
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Domestic benchmark indices, after having surged during the last four trading sessions, have now recouped all year-to-date losses. S&P BSE Sensex sits at 41,340 while the 50-stock Nifty is at 12,120 mark. On the charts, the movement of the last few trading sessions hints at further upside. “We observe a sustainable upside breakout of the hurdle of previous swing highs around 11950-12025 levels, which coincided with a down sloping minor trend line. This also indicates an upside breakout of the recent broader range movement of the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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