Nifty and Sensex to Open Lower on Weak Global Cues
DSIJ Intelligence-2Categories: Mkt Commentary, Trending
On Friday, August 8, the Gift Nifty signalled a weak start for Indian markets. As of 7:05 AM, it was trading near 24,645, down 50 points from its previous close, indicating a cautious opening for the Nifty and Sensex.
Pre-Market Update at 7:30 AM: On Friday, August 8, the Gift Nifty signalled a weak start for Indian markets. As of 7:05 AM, it was trading near 24,645, down 50 points from its previous close, indicating a cautious opening for the Nifty and Sensex.
Asian markets opened slightly higher, following the positive close in US equities led by Nasdaq gains. On Thursday, the Dow Jones fell 0.51 per cent to 43,968.64 and the S&P 500 slipped 0.08 per cent to 6,340.00, pressured by Eli Lilly’s sharp decline after its oral weight-loss drug data missed expectations. The Nasdaq gained 0.35 per cent to 21,242.70, while European indices hit a one-week high on banking strength and optimism over a potential Ukraine ceasefire.
In India, benchmark indices are expected to trade in a range, influenced by global developments, US-Russia discussions, tariff updates, and ongoing Quarterly Results. On Thursday, August 7, FIIs were net sellers for the 14th straight session, offloading equities worth Rs 4,997.19 crore. DIIs continued their buying streak for the 24th session, purchasing Rs 10,864.04 crore. The India VIX fell, and the Rupee strengthened against the US dollar.
State Bank of India, Tata Motors, Grasim Industries, Siemens, Info Edge India, Voltas, Cholamandalam Financial Holdings, Jubilant Agri and Consumer Products, Garden Reach Shipbuilders & Engineers, and Wockhardt will announce their quarterly results. Stock-specific action is expected in Large-Cap, Mid-Cap, and Small-Cap segments based on earnings surprises, dividend announcements, or bonus/share issue news.
The Nifty 50 closed at 24,596.15, up 0.09 per cent after a volatile session, while the Bank Nifty gained 0.2 per cent to 55,521.15. Pharma and IT rebounded strongly, while Realty and Oil & Gas ended lower. Mid-cap and small-cap indices gained between 0.17 and 0.33 per cent.
Gold prices stayed firm at USD 3,400.26 per ounce as investors anticipated rate cuts after Stephen Miran’s Fed Board nomination. Crude oil fell for the sixth session, with WTI at USD 63.83 and Brent at USD 66.39, down 0.1 per cent, as supply risk concerns eased.
For today, PNB Housing remain on the F&O ban list.
Disclaimer: The article is for informational purposes only and not investment advice.