Indian stock markets closed in the red on Thursday. The BSE Sensex fell 311 points or 0.53% to settle at 58774.72 while the 50-share Nifty50 closed at 17522.45 and was down 82 points or 0.47% from the level. Wednesday closing. Nift Bank ended at 38950.75 and was down 0.22%. The Nifty Mid Cap 100 settled at 30942 and fell 18 points.
Regarding today’s market action, Zee Business Editor-in-Chief Anil Singhvi said it was quite a turbulent day with moves on both sides. The start was positive as global indices were favourable. The strength came from US markets, he added. Nifty traded in a 75 point range moving between 17650 and 17725.
The last hour turned out to be costly for two reasons. One was due to today’s monthly expiry where profit booking was seen as the market had many long positions and the second reason was that Dow lost a few points and a correction was also seen on the European markets.
It was after a two-day convalescence.
Here are the things to watch when markets reopen on Friday:
1) Market expert Avinash Gorakshakar said the profit booking was seen today due to short coverage. In addition, GDP data and unemployment figures in the United States also weighed on the markets. Overall, the funds were less active in today’s trading session, he added.
2) Gorakshakar’s advice to investors is to keep an equity-specific approach. There could be less traction in indices with some volatility, he said.
3) Investors can take a long view on Sharda Motor shares. It is attractively valued and has good growth potential. It puts the target price at Rs 950.
4) Foreign Institutional Investors (FII) bought Indian shares worth Rs 369 cr while Domestic Institutional Investors (DII) sold shares worth Rs 334 cr.
5) The September series will start from Friday. Tomorrow’s open will be modeled after the US market close on Thursday, the editor said.
6) The Jackson Hole three-day meeting starts today and the markets will be keeping an eye on it.
7) Nifty50 will find support in the range between 17350 and 17450 while resistance is seen between 17600 and 17700. He said the range is wide as the move in the markets is becoming significant now.
7) As for Bank Nifty, support will be at 38550-38650 while resistance at 39400-39500.
8) The clear indication for the markets will be seen on Monday after the Jackson Hole meeting.
9) The Rupee finished up 7 paise at 79.88 against the US Dollar on Thursday. On the interbank foreign exchange market, the rupiah finished at 79.88 against the US dollar, against 79.81 in the previous session.
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10) DreamFolks Services IPO receives 6 times the subscription on day 2 of the offer. Tomorrow is the last meeting.
11) Friday is also the last date to subscribe for Series II Gold Sovereign Bonds (SGB).