Trends in SGX Nifty indicate a cautious opening for the index in India with a gain of 19 points. All eyes are on the RBI's Monetary Policy to be released today.
Nifty futures were trading at 16,329 on the Singapore Stock Exchange around 7:30 a.m. M.
US stock indexes rose on Thursday after data showed fewer Americans filed for unemployment benefits last week, while a drop in shares of health insurer Cigna dragged health stocks lower.
Indian markets could open flat to slightly higher, in line with Asian markets largely in range today and despite positive US markets Thursday, said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Nifty is expected to open flat around yesterday's close. It has been hitting new highs since the last 4 days, but volumes have declined in the last 2 days so it looks like there may be some correction. 16200 and 16150 will act like very strong support. Nifty can see 16400 and 16450 in the coming days, "said Gaurav Udani, founder and CEO of ThincRedBlu Securities.
On Thursday (Aug 6), benchmarks closed slightly higher on Aug 5 for the third day in a row amid mixed global signals and profit taking in broader markets. At the close, the Nifty was up 0.22 percent or 35.8 points to close at 16294.6.
Nifty made a classic doji after a rally on August 5, suggesting indecision at higher levels. One or two more gaps made over the course of the journey from 15885 may come to fill in the next few sessions. The anticipated decline rate was very bad in the morning session, but improved a bit towards the end to look better than the day before, albeit very negative. 16,176-16,349 could be the commercial band for the Nifty in the next 1-2 sessions.
Asian stocks fall
Asian stocks failed to take a firm lead in a Wall Street session on Friday as the spread of the Delta variant of the coronavirus in the region raised concerns about its economic recovery. Stocks fell in Hong Kong and China, where Beijing's regulatory crackdown and a warning of a possible downward spiral in China Evergrande Group, the world's most indebted developer, dampened sentiment.
US stocks keep a positive tone
The S&P 500 Index and Nasdaq Composite closed at records on Thursday, as recovery-sensitive stocks and tech stocks rose as investors positioned themselves for Friday's monthly jobs report that will help shape sentiments on how long the Federal Reserve bond purchase program will continue. . Stocks held a positive tone Thursday after data showed claims for unemployment benefits for the first time last week fell to 385,000, down 14,000 from the previous week and in line with forecasts, while continuing claims fell. below 3 million for the first time since March 2020.
Results today
Hindalco Industries, Mahindra & Mahindra, Aarti Industries, Abbott India, Alkem Laboratories, Anupam Rasayan India, APL Apollo Tubes, Asian Granite India, AU Small Finance Bank, Balkrishna Industries, BASF India, Bharat Electronics, BEML, Berger Paints India, Graphite India , Indigo Paints, JK Tire & Industries, Metropolis Healthcare, MTAR Technologies, Muthoot Finance, NALCO, Piramal Enterprises, SAIL, Sandhar Technologies, Sona BLW Precision Forgings, Tata Power Company, Torrent Power, Ujjivan Small Finance Bank, Voltas and Zee Entertainment Companies .
FII and DII data
Foreign Institutional Investors (FII) sold net shares worth Rs 719.88 crore, while Domestic Institutional Investors (DII) bought net shares worth Rs 731.92 crore on the Indian stock market on August 5, according to provisional data available in the NSE.
F&O ban
Four stocks, Canara Bank, Indiabulls Housing Finance, RBL Bank and Sun TV Network, are today under the F&O ban.
Stock to consider
HDFC: It launches the QIP issue at a minimum price of Rs 1,838.94 per share. The floor price is a 4 percent premium over Wednesday's close. The company intends to raise Rs 14 billion through share issuance and Rs 9 billion through ENT. The board will meet on August 10 to consider the issue price of the sale.
Leisure Inox: The board approves the enabling resolution for the raising of funds of up to Rs 250 million through the issuance of shares / other methods.
Canara Bank: 22.7 outstanding loan portfolio in default after first quarter results.
Bharti Airtel: Bloomberg News reports that Telecom Kenya has chosen not to participate in the company's proposed merger.
