Sensex, Nifty stare at gap-down opening on Friday; key factors that may sway investor sentiment

sensex, niftyWe would advise investors to continue with their defensive portfolio approach given the high valuations and maintain stock specific action

Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-down opening on Friday amid rising coronavirus cases and US-China tensions. Market participants will take cues from global markets, trends in coronavirus cases, Apr-Jun quarterly numbers and stock-specific developments. In the previous session, headlines ended with gains. Now they both are just 10 per cent off from their January highs. Sensex was up by 268.9 points or 0.71% to close at 38,140.7, while the broader Nifty50 was up by 82.85 points or 0.74% to close at 11,215.4. “The near term momentum looks positive as every dip is getting bought into. We would advise investors to continue with their defensive portfolio approach given the high valuations and maintain stock specific action. Traders, on the other hand, are advised to stay cautious and keep booking profit at regular intervals,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

SGX Nifty down half a per cent: Trends on SGX Nifty suggested a negative start for the Sensex and Nifty on Friday. Nifty futures were down 58.35 points or 0.52 per cent at 11,159 on Singaporean Exchange.

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Earnings today: A total of 71 companies including ITC, Asian Paints, Ambuja Cements, JSW Steel, Coromandel International, Crompton Greaves Consumer Electricals, TCI Express, Texmo Pipes, Welspun India, etc., are scheduled to announce their quarterly earnings later in the day today.

Asian markets: Asian markets edged lower in Friday’s early trade. In South Korea, the Kospi fell 0.52%, while Australia’s S&P/ASX 200 tumbled 0.92%.

US market: In overnight trade on Wall Street, US stock indices declined sharply. The Dow Jones Industrial Average fell 353.51 points, or 1.31%, to 26,652.33, the S&P 500 lost 40.36 points, or 1.23%, to 3,235.66 and the Nasdaq Composite dropped 244.71 points, or 2.29%, to 10,461.42.

Govt toughens bidding rules for Chinese entities: The Government of India amended the General Financial Rules 2017 to enable the imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto including national security, an official statement said.

FII and DII data: Foreign institutional investors (FIIs) were net buyers of shares worth Rs 1,740.5 crore, while domestic institutional investors (DIIs) sold shares worth Rs 931.91 crore on a net basis, according to the provisional data available on the NSE.

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