SGX Nifty was trading around 16,370 on Singaporean Exchange, against Wednesday’s close of 16,572, on the last day of the week. Market participants are likely to react to the growing concerns amid the spread of the COVID-19 Delta variant and US Federal policy minutes that signaled a reduction of its bond-buying program in 2021. Investors will also watch COVID vaccination pace, oil prices, and rupee movement against the US dollar.
Nifty outlook: “Nifty is expected to open at 16350, down by 200 points. On Wednesday, after making a lifetime high there was heavy selling in Nifty, which was not a good sign for longs. Nifty has support at 16350, any closing below that can drag it to 16150. It is important to keep strict stop-loss in such markets,” Gaurav Udani, Founder & CEO, ThincRedBlu Securities, said.
CarTrade Tech shares debut: CarTrade Tech IPO shares are all set for stock market debut on 20 August 2021. CarTrade Tech’s IPO was subscribed 20.29 times by investors. Analysts see up to 20 percent listing gain for CarTrade Tech today.
FIIs and DIIs: On Wednesday, foreign institutional investors (FIIs) offloaded shares worth Rs 595.32 crore, while domestic institutional investors (DIIs) sold shares worth Rs 729.49 crore on a net basis in the Indian share market.
Global watch: Asian stock markets were trading mostly lower in the early trade on Friday. Japan’s Nikkei 225 fell 0.74 percent while the Topix index shed half a percent. South Korea’s Kospi fell nearly one percent while the S&P/ASX 200 in Australia climbed 0.2 percent. In overnight trade on Wall Street, the S&P 500 ended modestly higher in a choppy session. The Dow Jones Industrial Average fell 0.19 percent, the S&P 500 gained 0.13 percent, and the Nasdaq Composite added 0.11 percent.
Oil prices steady: Oil prices came off three-month lows on Friday but were on track for a weekly decline of around 6% as new lockdowns in countries with low vaccination rates facing surging cases of the Delta variant dimmed the outlook for fuel demand, according to Reuters. US West Texas Intermediate (WTI) crude futures for September, due to expire on Friday, rose 35 cents or 0.5% to $64.04 a barrel at 0115 GMT after sliding 2.7% on Thursday. The more active October contract rose 33 cents or 0.5% to $63.83. Brent crude futures rose 27 cents or 0.4% to $66.72 a barrel after dropping 2.6% on Thursday to its lowest close since May.
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