SGX Nifty hints at positive start for Sensex, Nifty; 5 factors that could define stock market movement

Following a heavy selling pressure on the first day of the week, BSE Sensex and Nifty 50 are likely to open in the positive territory. In the previous session, Sensex plunged 540 points or 1.33 per cent, while the Nifty 50 declined 162.2 points or 1.36 per cent. In today’s session, market participants will keenly watch July-September quarter earnings, rising coronavirus cases, oil prices, rupee movement and other global cues. Besides, Prime Minister Narendra Modi will inaugurate the national conference on vigilance and anti-corruption on Tuesday via video-conferencing. “The market is ready to hit the levels of 11600 on the minimum side and in the worst-case scenario11428 levels. The strategy should be to short the Nifty if it bounces to 11830/11850 with a final stop loss at 11900 or below the level of 11710,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

SGX Nifty: Trends on SGX Nifty suggested a positive opening for BSE Sensex and Nifty 50 on Tuesday. Nifty futures were trading52.50 points at 11,827 on Singaporean Exchange.

Bulk deals: Axis Trustee Services sold 1.59 crore shares of Reliance Power at Rs 3.38 per share. Also, HULST BV sold 29 lakh shares of Coforge at Rs 2,310.56 per share and HULST BV bought 9 lakh shares of Coforge at Rs 2,312.03 per share on the BSE.

FII and DII data: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 119.42 crore, while domestic institutional investors (DIIs) sold shares worth Rs 979.16 crore in the capital market on a net basis, according to provisional data available on the NSE.

Results today: A total of 37 companies including Bharti Airtel, Tata Motors, Amara Raja Batteries, Castrol India, Ceat, ICICI Prudential Life Insurance Company, Nippon Life India Asset Management, Sanofi India and SKF India are scheduled to announce their July-September quarter earnings.

Global market: Asian stock markets were trading lower in early trade on Tuesday. Japan’s Nikkei 225 shed 0.27 per cent in morning trade while the Topix index fell 0.38 per cent. South Korea’s Kospi was below the flatline. In overnight trade on Wall Street, US stocks tumbled with the S&P 500 posting its biggest daily decline in four weeks. The Dow Jones Industrial Average fell 2.29 per cent. The S&P 500 lost 1.86 per cent, and the Nasdaq Composite dropped 1.64 per cent.