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Trends on SGX Nifty indicate a gap-down opening for the index in India with a 102 points loss.

July 30, 2021 / 07:42 AM IST

The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the index in India with a 102 points loss.

The BSE Sensex climbed 209.36 points to close at 52,653.07, while the Nifty50 rose 69.10 points to 15,778.50 and formed small bullish candle on the daily charts as the closing was higher than opening levels.

According to pivot charts, the key support levels for the Nifty are placed at 15,738.43, followed by 15,698.37. If the index moves up, the key resistance levels to watch out for are 15,817.93 and 15,857.37.

Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

Close

U.S. shares bounded to record highs on Thursday helped by strong company earnings and solid economic growth data, though the Federal Reserve’s message earlier this week that it is in no hurry to taper stimulus pinned the dollar at a one-month low.

The volley of positive news boosted the Dow Jones Industrial Average to a record high of 35,171.52 points before closing up 0.4%. The S&P 500 also jumped to an all-time high of 4,429.97 points before finishing 0.4% higher, while the Nasdaq Composite added 0.3%.

Asian Markets

Markets in Asia-Pacific were mostly lower in early trading on Friday. Meanwhile, U.S. stocks rallied despite data showing second-quarter gross domestic product grew less than expected.

Japan’s Nikkei 225 dipped 1.2% in early trade, while the Topix lost 0.81%

SGX Nifty

Trends on SGX Nifty indicate a gap-down opening for the index in India with a 102 points loss. The Nifty futures were trading at 15,737 on the Singaporean Exchange around 07:30 hours IST.

Realty contribution to GDP to reach 10% by 2025: Official

The real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal and its contribution to the country's GDP is expected to reach 10 percent by 2025 from the current 7 percent, a top government official said on Thursday.

Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra also said that the National Urban Digital Mission has taken up steps to connect nearly 2,535 cities across India to improve connectivity.

The real estate sector's contribution to the GDP is 7 percent now and it is expected to reach 10 percent by 2025. The sector in India is set to be valued at USD 1 trillion in the next few years as the country aims at USD 5 trillion economy, he said at an interactive session with Bharat Chamber of Commerce.

Inflation will moderate, expect it to be below 6% in July: CEA

Headline inflation will come down under the 6 percent mark in July itself but will stay at an elevated level of over 5 percent for some time, Chief Economic Advisor K V Subramanian said on Thursday. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods.

"With reasonable probability, I expect this month the (inflation) print to come less than 6 percent," Subramanian told a conference organised by industry lobby FICCI.

US jobless claims down 24,000 to 400,000 as economy recovers

The number of Americans collecting unemployment benefits slid last week, another sign that the job market continues to recover rapidly from the coronavirus recession. Jobless claims dropped by 24,000 to 400,000 last week, the Labor Department reported Thursday.

The weekly applications have fallen more or less steadily this year — from a peak of 904,000 in early to January. But they remain high by historic standards: Before COVID struck the United States in March 2020, claims were coming in at about 220,000 a week.

US economy grew 6.5% in second quarter: Govt

The US economy expanded 6.5 percent annualized in the second quarter, according to government data released Thursday, a far slower recovery from the Covid-19 pandemic than economists had expected.

The gain reported by the Commerce Department meant the world's largest economy surpassed its pre-pandemic size, climbing above its level in the fourth quarter of 2019 to $19.4 trillion.

IPO market nears peak as valuations hit 20-year high

Low interest rates and hefty returns have driven record demand for IPOs, but with valuations for newly public companies now at levels last seen during the dot-com bubble, some analysts are raising concerns that the boom may be nearing an end.

In 2020, companies raised $61.9 billion, the most since 2000, according to a measure by Jay Ritter, a finance professor at the University of Florida. This demand has driven valuations to levels not seen since the dot-com bubble two decades ago. In 2020, investors valued IPOs at a median of 38 times the company's revenue, close to the nearly 41x valuation seen in 2000, according to Ritter. Those valuations have begun to drop in 2021, but remain historically high.

Results on July 30

Britannia Industries, Sun Pharmaceutical Industries, UPL, Bandhan Bank, Indian Oil Corporation, Aditya Birla Fashion and Retail, Allied Digital Services, Asahi India Glass, Bharat Heavy Electricals, Birla Tyres, Blue Dart Express, Chemfab Alkalis, Cholamandalam Investment and Finance Company, LT Foods, Dalmia Bharat Sugar, Equitas Small Finance Bank, Exide Industries, Fairchem Organics, Finolex Industries, Gravita India, HIL, Hindustan Organic Chemicals, Jindal Saw, JK Paper, JSW Energy, Kansai Nerolac Paints, KEC International, Dr Lal PathLabs, Macrotech Developers, Marico, Nazara Technologies, PI Industries, Rossari Biotech, Shriram Transport Finance, Sundaram-Clayton, Sunteck Realty, V-Guard Industries, and Zydus Wellness will release quarterly earnings on July 30.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 866.26 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2,046.96 crore in the Indian equity market on July 29, as per provisional data available on the NSE.

With inputs from Reuters & other agencies
Sandip Das
first published: Jul 30, 2021 07:42 am
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