Two factors that are likely to affect market now are global cues and liquidity after GST and monsoon triggers are out of the way. Foreign instituional investors (FII) bought Rs 2400 crore in August while domestic investors sold Rs 2124 crore in August. On Thursday, the 30-share BSE Sensex was up 16.86 points at 27714.37 and the Nifty gained 6.25 points at 8551.10 while the broader markets mildly outperformed benchmarks, up 0.4 percent on positive breadth. About 1432 shares advanced against 1267 declining shares on the BSE. Meanwhile, steel stocks will be in focus today as the Directorate General of Foreign Trade (DGFT) has extended minimum import price (MIP) on 66 products of iron and steel till October 4 2016. The move comes five months after the government had imposed MIP on 173 steel products in order to protect the domestic steel industry against cheap imports. Global markets are on upmove. Asian shares joined a rise in global stock prices on Friday after the Bank of England (BoE) launched a potent post-Brexit stimulus campaign, but some caution before a big US jobs report limited gains. An overnight rally in crude oil prices also sharpened risk appetites, while sterling nursed deep losses after sliding on news of the BoE stimulus plan. The Bank of England said it would take “whatever action is necessary” to achieve stability in the wake of Britain’s vote to leave the European Union. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, headed for a 0.9 percent weekly gain. MSCI’s world stocks index rose 0.3 percent. The BoE’s quarter point rate cut to a record low 0.25 percent sent already low global bond yields even further down with British yields hitting record lows as gilt prices rose. Wall Street ended Thursday little changed ahead of the July US nonfarm payrolls report which will be scoured for clues to whether it is strong enough to support a Federal Reserve rate hike as early as September. The pound holds near a one-week low following the Bank of England’s first interest-rate cut in more than seven years. The dollar, meanwhile, gained against a basket of currencies as investors continue to balance positions ahead of today’s crucial US Nonfarm payrolls report for July. Gold prices continue to trade around USD 1360 an ounce.
106 total views, 1 views today