Sensex, Nifty Likely To Have A Subdued Opening

Marco Green
September 24, 2020

In the previous session, Sensex settled 300.06 points or 0.79 per cent down at 37,734.08, and the Nifty fell 96.90 points or 0.86 per cent to 11,153.65.

India stocks tracked regional peers lower, with the benchmark gauge set for its longest string of losses since March, as warnings from the Federal Reserve added to a gloomy domestic economic outlook.

NSE chief executive and managing director Vikram Limaye said the Connect "will broaden the global and domestic participant base and further strengthen the capital market ecosystem in Gift City, resulting in more broad-based development across asset classes and capital-raising activity". 10,900-10,950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10,750.

Reliance Industries was the top gainer in the Sensex pack, rallying around 2 per cent after it announced that global investment firm KKR will invest Rs 5,550 crore in its subsidiary Reliance Retail Ventures to pick 1.28 per cent equity stake.

IndusInd Bank top Sensex loser: Barring Kotak Mahindra Bank and Power Grid Corporation of India, all the Sensex constituents were trading in the red. Trends on SGX Nifty indicate a flat opening for the index in India, with a 7 points gain.

All the sectoral indices traded with deep cuts with the Nifty IT, Nifty Media, Nifty Metal, Nifty PSU Bank and Nifty Auto falling the most.

The Dow Jones rose 0.52 per cent, the S&P 500 gained 1.05 per cent and Nasdaq Composite added 1.71 per cent. In overnight trade on Wall Street, US stock indices plunged up to 3 per cent as tech shares took a hit.

Other reports by Click Lancashire

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