Sensex, Nifty Updates: Sensex and Nifty opened on a bullish note on Tuesday, in line with the trend overseas amid foreign fund inflows. Tracking gains in index-heavyweights like Reliance Industries and ITC, Sensex rose 250 points higher at 35,679 and Nifty climbed 58 points higher at 10,529. On Tuesday’s trade, Sensex ended 519 points higher to 35,430 and Nifty climbed 159 points higher to 10,471. Meanwhile, companies set to announce their earnings are Indian Oil, Balmer Lawrie, United Breweries, GAIL, Canara Bank, Prestige, Anup Engineering, Rane Holdings among others.
Here’s a look at the updates of the market action on BSE and NSE today
11.44 AM: Gold hits fresh record high of Rs 48,420 per 10 gm
India Gold August Futures in the domestic commodity market rallied to a fresh high of Rs 48,420 on Monday, tracking global cues amid concerns of the global economic recovery due to the resurgence of COVID-19 cases worldwide. Significant rise in coronavirus cases in India after weeks of lockdown also kept demand for the risk-averse asset high in the domestic market.
Overseas, gold price moved to the highest level since March 2012 as dollar lost ground and more stimuli from central banks to support economies. In the international market, gold prices touched the 8 years high of $1773 per ounce.
On Multi Commodity Exchange, gold futures for the August month hit a fresh high of 48,420 per 10 gm, also its day’s high, after opening at Rs 48,333.
11. 24 AM: Expert outlook
Geojit Financial in its daily report said,”The rapid rise yesterday to 10,500 may have led to bullish exhaustion calling for caution today, but with VIX beginning to fall, such sharp upsides may be becoming a permanent fixture for now. Downside risk starts at 10,420.”
11.00 AM: Rupee rises 5 paise to 75.61
The rupee appreciated 5 paise to 75.61per dollar on Wednesday tracking weakness in the US currency and gains in the domestic equity market.
Rupee was trading in a narrow range today as positive domestic equities, susutained foriegn fund inflows and weak US currency supported the local unit, while rising coronavirus cases weighed on investor sentiment.
The rupee opened at 75.61 per dollar, registering a rise of 5 paise over its previous close of 75.66 on Tuesday.
10.52 AM: Asian Paints share price top gainer on NSE
Asian Paints share price was trading as top gainer on NSE, rising 6.7% intraday after teh company posted better than expected quarterly results. Company’s net profit stood at Rs 461.89 crore for Q4FY20 as against Rs 471.65 crore in a year ago period. Company’s revenue stood at Rs 4,635.6 crore in Q4FY20 versus Rs 4,991.50 crore YoY.
10. 40 AM: Gold outlook
Anuj Gupta (DVP-Commodities & Currencies Research, Angel Broking) said,”Today, gold prices again touched the new life time high of 48333 levels. In international market, it touched the 8 years high of $1773 per ounce. Safe heaven demand, investment demand due to Corona virus pandemic and weakness in major economies boost the gold demand. We expect gold will trade higher further. It may test $1800 to $1830 levels soon. For traders, it is recommended to buy gold at 48000 to 48100 levels, with the stop loss of 47700, for the target of 48600 to 48800 levels”.
10.26 AM: Global cues
Asian shares were trading mostly higher with another mood boost from US stocks, while fears persisted over the surge in coronavirus cases in parts of the world.
Wall Street and European indices also closed higher yesterday, as investors focused on the prospects for an economic recovery as more businesses reopen.
10.08 AM:FII/ DII action
On a net basis, FIIs bought Rs 168 crore while DIIs bought Rs 454 crore worth in equities yesterday.
9. 50 AM: Top gainers and losers
ITC, Bajaj Auto, Bajaj Finance, NTPC and Titan were among the top gainers. On the other hand, HCL Tech, IndusInd Bank, PowerGrid and Infosys were among the laggards.
9. 30 AM: Nifty outlook
Expressing views on Nifty’s near term outlook, Ruchit Jain, Senior Analyst – Technical and Derivatives, Angel Broking said,”The index has been forming a ‘Higher Top Higher Bottom’ structure and the broader markets have done considerably well in last few sessions. The upmove in index supported by a broader market participation is certainly an encouraging sign and hence, we have been optimistic on the market and have been advising to use dips as buying opportunity. The intraday supports for Nifty are placed around 10390 and 10300 whereas resistance is seen in the range of 10550-10600.”
9. 18 AM: Expert outlook
On Nifty’s intraday outlook, Ajit Mishra, VP – Research, Religare Broking said,”We may see a pause in the index ahead, citing a major hurdle at 10,525 level i.e. resistance zone of the long term moving average(200 EMA) on the daily chart.”
9. 15 AM : Opening bell
Sensex and Nifty opened on a bullish note on Tuesday, in line with the trend overseas amid foreign fund inflows. Sensex rose 250 points higher at 35,679 and Nifty climbed 58 points higher at 10,529.
9.06 AM: Stocks in news
Federal Bank, Manappuram Finance, Bank of Baroda, Asian Paints, Aster DM Healthcare, Berger Paints among others are the top stocks to watch out for in Wednesday’s trading session
8.55 AM: Earnings today
Indian Oil, Balmer Lawrie, United Breweries, GAIL, Canara Bank, Prestige, Anup Engineering, Rane Holdings, IG Petrochemicals, PNC Infratech, Monte Carlo Fashions, Lakshmi Mills, India Cements, Hindustan Media, H.G. Infra Engineering, Sharda Cropchem, Tide Water Oil, Timex Group, Technvision Ventures among others will report Q4 earnings today.
8. 50 AM: Rupee Closing
On the currency front, the rupee ended at 75.65 per dollar against the previous closing of 76.02 per dollar.
8. 40 AM: Closing bell
On Tuesday, Sensex ended 519 points higher at 35,430 and Nifty climbed 159 points higher to 10,471.