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    Sensex, Nifty trade lackluster ahead of key corporate earnings

    Synopsis

    Om Mehra, Equity Research Analyst at Choice Broking said, we expect Indian markets range bound today with stock specific actions as big companies like Reliance, JSW Steel & HDFC Life will declare their quarterly results.

    Sensex, Nifty trade lackluster ahead of key corporate earnings
    Tracking the mixed global cues, benchmark equity indices opened marginally lower, dragged by index heavyweight Reliance Industries ahead of its Q3 show and FMCG stocks.

    The BSE Sensex was trading 94 points or 0.16% lower at 60,764 while Nifty50 was trading at 18,077, down 31 points or 0.17% at around 9.29 am.

    Among Sensex stocks, HUL, Asian Paints, and Sun Pharma were the top losers, falling about 1-3%. Nestle, Titan, ITC, Reliance and Bajaj Finserv also opened with losses.

    On the other side, Power Grid, IndusInd Bank, Tata Motors, ICICI Bank, SBI, L&T and HCL Tech opened with gains.

    Sectorally, the Nifty FMCG fell 0.87% and Nifty Consumer Durables declined 0.74%. Whereas, Nifty Bank and Nifty Financial Services opened higher. In the broader market, Nifty Smallcap50 rose 0.07%, while Nifty Midcap50 fell 0.10%.

    Expert View
    “Nifty which is now stuck in a narrow band of 17800-18200 is likely to remain in this range in the absence of major triggers. FIIs turning buyers is a major support at 17800. Triggers to take Nifty beyond 18200 are not yet visible,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

    “Data on capex, credit growth and manufacturing and services PMI indicate that the growth rebound in the economy is robust. Capital goods segment has the potential to outperform this year,” Vijayakumar added.

    Om Mehra, Equity Research Analyst at Choice Broking said, we expect Indian markets range bound today with stock specific actions as big companies like Reliance, JSW Steel & HDFC Life will declare their quarterly results.

    Global Markets
    Wall Street's losses deepened Thursday as worries that the US may be headed for a painful recession kept stock traders in a selling mood.

    The S&P 500 and Dow Jones Industrial Average each fell 0.8%, their third straight drop. The Nasdaq composite lost 1%.

    Asian markets showed some resilience despite a selloff on Wall Street overnight. Japan's Nikkei added 0.16%, while Australia's benchmark edged 0.09% higher, although South Korea's Kospi slipped 0.24%.

    Currency Watch
    The Indian rupee rose by 21 paise to 81.15 against the US dollar in early trade.

    The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.04% to 102.1 level.

    Crude Price
    Oil prices rose on Friday, spurred largely by brightening economic prospects for China which should boost its fuel demand.

    Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel, while US crude advanced 54 cents to $80.87 per barrel, a 0.7% gain.

    (With inputs from agencies)

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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