Morning market view: Indian markets are trading positive, RIL, Titan are top gainers

 

Market Opening Updates: Indian markets opened in the green amid mixed Asian market cues. The Nifty today opened at 11679.25 made a positive opening of 16.85 points while the Sensex added 58.62 points and opened at 39633.19. The Bank Nifty on the spot levels made a negative opening of 16.75 points and opened at 22836.95 levels.

At 10 am IST, the Nifty and Sensex are trading higher by 0.61% and  0.70% respectively whereas the Bank Nifty on the spot levels is up by 0.40%.

Titan, Reliance, and UPL are trading as the top gainers in the Nifty index whereas Bajaj Finance, Bajaj Finserve, and IndusInd Bank are trading as the top losers in the Nifty Index. Reliance, TCS, and Bajaj Finance are trading as the most active stocks in the NSE.

On a sectoral basis, Oil& Gas, Automobiles, and FMCG sectors are trading higher whereas Banking & Finance, Metals, and IT & Software are trading in the red.

 

Indian markets are expected to open in the green today

 

Good morning and welcome to the stock market morning view for 7th Oct at 8.10 am IST

Asian markets are trading mixed today as the U.S stops stimulus talk. Nikkei is trading 0.24% down while Hang Seng is trading 0.83% higher whereas Shanghai is not trading today. The SGX Nifty is trading 28 points or 0.24% higher today. The signal getting from the SGX Nifty is positive for the Indian markets.

The U.S markets closed lower after President Donald Trump said he would put an end to negotiations in good faith with democrat for an additional stimulus package before the November election. The US market indices Dow and S&P 500 closed lower by 1.34% and 1.40% respectively while Nasdaq down 1.57% on 6 October.

The European markets closed in the green on Tuesday as buying interest seen in the banking stocks. The market sentiments got positive over the growing hopes of a Brexit trade deal as well as improved German data. At the close, CAC and DAX closed higher by 0.48% and 0.61% respectively while FTSE gained 0.12% yesterday.

Indian markets closed higher for the fourth consecutive days yesterday. The benchmark indices Sensex and Nifty gained by 1.54% and 1.38% respectively on Tuesday. FIIs were the buyers and DIIs were the seller in the cash market yesterday. FIIs bought Rs 1101.76 crore whereas DIIs sold Rs 934.84 crores on October 6.

 

Morning market view: News that can influence the stock market today

 

A forensic audit has indicated several wrongdoings including insider trading in Franklin Templeton Asset Management (India) by the key management personnel of the asset management firm. 

As per the audit report by Choksi & Choksi and moneycontrol.com report certain key official of the fund had redeemed their personal investments just before the formal announcement of the closure of six debt schemes and made money during that time.

Indian stock market is gaining in anticipation of better Q2FY21 results compared to the previous quarter due to ease of lockdown. Today TCS will announce their Q2FY21 results, the IT & Software stocks will be in focus.

The U.S trade deficit rose to $67.1 billion in August to the highest level in 14 years. The Exports in August rose 2.2% to $171.9 billion on a surge in shipments of soybeans, but imports rose more. Imports went up by 3.2% to Rs 239 billion led by the purchase of crude oil, cars, and auto parts. 

On 6th October, Fitch Rating said Indian banks are likely to face a tough operating environment in the near term. This is because stressed loans and write-offs are set to increase due to economic fallout from the coronavirus pandemic.

 

You can also read more stock market morning updates and views after the markets get open.

You may also like to read, Targets of Nifty and Nifty Bank futures for tomorrow

                                          Trading Strategies: Nifty, Bank Nifty futures | 5-9 Oct. 2020

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Happy Investing!!

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