Pre-Market: Nifty likely to retest 8,000 level

Markets are likely to open lower tracking weak global cues in Asian markets. For the day, the Nifty is likely to test the crucial psychological support level of 8,000 ahead of the derivative expiry tomorrow.

Early indicator, SGX Nifty is down 18 points at 8,017.

In Asia, stocks tracked an overnight decline on Wall Street and dipped early on Wednesday, while the dollar was kept in check after U.S. yields fell on geopolitical woes and dovish statements by a Federal Reserve official.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2%, sliding to a fresh four-month low.

Tokyo’s Nikkei shed 0.6%.

U.S. stocks fell overnight, weighed by downbeat European data and as the first U.S.-led air strikes in Syria against Islamic State fighters dampened investor risk appetite.

The air strikes in Syria, which opened a new front amid shifting Middle East alliances, also garnered demand for safe-haven government debt and pushed U.S. Treasury yields lower, in turn helping arrest the dollar’s recent bull run.

The Dow Jones industrial average fell 0.68%, to 17,056, the S&P 500 lost 0.58%, to 1,988 and the Nasdaq Composite dropped 0.42%, to 4,509.

Stocks to Watch

Power and select metal stocks like JSPL and Hindalco will be under pressure as the Supreme Court will pronounce its verdict on illegal coal block allocation.

Manappuram Finance: The company in a board meeting held yesterday gave its nod to diversify into the business of micro finance and financing of commercial vehicles.

JSW Energy: One of its joint ventures received environmental clearance to increase the annual mining of Kapurdi Lignite Mines.

Thermax: A joint venture of Thermax and US-based Babcock & Wilcox Power Generation Group (B&W PGG) Inc won an export order valued at approximately Rs. 339 crore, said media reports.

Sagar Cement: The company is set to buy cement business of Bangalore-based BMM Ispat Group

Hindalco: An AGM is scheduled today to seek shareholders’ nod to issue NCDs up to Rs 6,000 crore and nod to set borrowing limit at maximum Rs 20,000 crore

SGX Nifty

You may also like...

Discussion on Pre-Market: Nifty likely to retest 8,000 level