Nifty, Sensex opens flat, Reliance in focus ahead of AGM

Early morning saw rupee opening lower at 67.04 per dollar against yesterday’s close of 66.96. The broader Nifty opened flat at 8832 and the BSE Sensex too opened flat at 28459 today, tracking feeble trading across the Asian markets. As of 08.20 a.m., the Nifty futures trading on the Singapore Exchange stood nearly unaltered at 8,842 indicating a lustreless start for local equity markets. On the other hand, the mood on the Dalal Street continues to be bullish as the Nifty and Sensex escaped through a narrow range after weeks of consolidation.

Foreign investors purchased cash shares amounting to Rs.854 cr yesterday, while domestic investors turned out to be net buyers to the tune of Rs.848 cr. Sentiments are estimated to be burdened today by adynamic Q1 GDP data that was posted post-market hours yesterday.

The economic growth of India hit a 15-month low of 7.1 per cent in the April-June quarter. The annual growth in private spending decelerated to 6.7 per cent in the recent quarter from a 7 per cent rise in the same period last year. The slowdown more than offset a 19 per cent annual soar in public spending.

An economist commented that growth continued to be driven by government spending which was a worry.

The following scrips will be the center of attraction today:

  • Cement stocks will be the centre of attraction focus, following the Competition Commission of India’s decision to impose a Rs.6,320 cr fine on 10 cement companies. Ambuja Cements was fined Rs.1,160 cr, ACC was fined Rs.1,150 cr and Jaiprakash Associates Rs.1,320 cr.
  • Reliance Industries’ Chairman Mukesh Ambani is expected to announce a time line for the official launch of Jio 4G services at the company’s AGM — annual general meeting today.
  • MCX shares shall react to quarterly earnings, on the other hand, Apollo Hospitals and newly-listed Mahanagar Gas shall post its June quarter numbers today.

On Thursday, Asian shares slumped after lower crude oil prices wrinkled Wall Street and a pair of Chinese manufacturing surveys did little to inspire investors as markets awaited to see if US employment data would put the Federal Reserve on track to raise interest rates.

Currently, Reliance share price is trading 0.61 per cent lower at Rs.1,053.55 on NSE. The scrip opened at Rs.1,053 from a previous closing of Rs.1,060.

Dynamic Levels researchers provide details on the support and resistance levels of Reliance. For acquiring more information on the stock, please visit Reliance share price history

Source : https://www.dynamiclevels.com/en/blog/nifty-sensex-opens-flat-reliance-in-focus-ahead-of-agm