Stock market live today: The Sensex and Nifty — the benchmark equity indices — are likely to witness a gap-down opening on Friday tracking weak cues from the Asian markets. Asian stocks pulled back from a one-month high on Friday as the Federal Reserve appeared poised to deliver another interest rate hike next month, paring gains made earlier this week after U.S. midterm elections triggered a global equities rally, said a Reuters report. SGX Nifty futures were trading 33.50 points or 0.32% lower at Singapore Exchange, indicating a negative start for the Nifty 50 index.
Titan is the only Nifty company which will announce its quarterly results today. Amara Raja, HAL, HCG, India Cements, IEX, Sobha and Vimta Labs are the other key companies to announce its numbers today. Bharti Airtel, GAIL, Fortis Healthcare, Dredging Corp are among top stocks to track today.
The BSE Sensex rose 50 points, while the Nifty traded above the 10,600-mark in the pre-open trade session on Friday. The rupee opened at 72.7063 per US dollar, Bloomberg data showed.
Auspicious omens of falling crude oil prices and stronger Indian currency greeted the investors on Muhurat day.
The WTI crude has entered into bear market territory with commodity closing 21% from its October high, we expect Crude to consolidate here and not continue its slide.
On Wednesday, the US markets digested the news of the mid-term election that saw a division of power, with the Republicans increasing their lead in the Senate and the Democrats getting back control of the House of Representatives. Historically, this grid lock has not deterred the markets from doing well. In fact the 3rd year of the U.S. presidency has seen the strongest markets.
The U.S. Federal Reserve kept rates unchanged at its Thursday meeting but appeared committed to continuing the gradual process of lifting rates and removing accommodation. We expect the current pattern of a hike a quarter to continue through Q1 of next year.
Our markets are likely to consolidate recent gains. Divestment of a portion of ‘enemy shares’ and dredging corporation is likely to improve sentiment on PSU shares today.
Traders will keep an eye on maturing CPs from NBFCs. If these instruments are successfully redeemed, the fears of liquidity contagion can be put to rest and markets can move on to stock specific developments. Nifty has support at 10450 and face a steep resistance at 10700 levels.
— HDFC Securities
Source: Financial Express