After a good start, the market is getting sluggish. Nifty is showing below 11450. Bank Nifty slipped nearly 250 points from the upper levels. Infosys, HDFC, ICICI Bank and Axis Bank are under pressure. The Sensex and the Nifty are seeing slight gains amid weak global cues. The Sensex is seeing a rise of about 65 points. However, mid- and small-cap stocks are seen buying. The midcap index of BSE is trading at 0.45 percent. Smallcap shares are also seen buying. The BSE small-cap index was trading up 0.33 percent. Oil and gas stocks are also seen today. The BSE’s Oil and Gas Index is trading up 0.25 percent.
Hindustan Aeronautical Results were Weak
Hindustan Aeronautical’s results were weak in the June quarter. Kampi’s revenue has fallen by 47 percent and profit by about 74 percent. Today BHEL, IRCTC and MISHRA DHATU will present their first-quarter results. Also, Q1 NUMBERS of ADANI GREEN ENERGY and BGR ENERGY will also be awaited. The rupee weakened 1 paise against the dollar to open at 73.48 against 73.47.
Maruti’s stock may see action today, with promoter Suzuki buying 2.86 lakh shares. Jay Bharat Maruti company has a loss of 21.04 cr against a 7.8 cr profit. There are plans to increase the monitoring of copper and aluminum imports. China will form policies to reduce imports from Asian countries. There are plans to reduce imports to protect domestic producers.
US Markets Dominated Yesterday
There are weak signals from global markets. Asian markets are trading sluggish. The SGX Nifty is showing mild weakness. However, selling in the US markets dominated yesterday. The Nasdaq fell 2 percent in yesterday’s trade. There was profit-booking in US markets yesterday. Dow futures are currently showing up around 150 points. Yesterday’s turnover showed a decline in all major indices. Tech stocks put pressure on the market.
The Dow fell 406 points to close at 27,534 in yesterday’s trade. However, the Dow was above 200 DMA for the 40th consecutive day. At the same time, the S&P 500 showed a decline of 60 points and closed at 3,339. The S&P 500 closed above the 200 DMA for the 50th consecutive day. While Nasdaq fell 223 points to close at 10,919.59. Yesterday, the Nasdaq closed above 200 DMA for the 87th consecutive day yesterday.
Asian Market Status
Today Asian markets are also seeing weakness. SGX NIFTY is seen below 45 points. At the same time, Nikkei is seen around 23,295 with an increase of around 0.25 percent. Straight Times has seen a weakness of 0.16%. At the same time, the Taiwan market is trading at a level of 12,677.50 with a weakness of 0.11 percent. Meanwhile, Hangseng is seen at the 24,395.80 level with a gain of 0.34 percent. At the same time, Kospi is seeing a weakness of 0.63 percent. The Shanghai Composite also showed a decline of 0.10 percent at 3,231.45.