Nifty-Sensex-Pre Market Report : 02.08.2019
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Pre-Session: Domestics indices likely to open negative amid feeble global cues
02/08/2019 08:43
Indian benchmarks are expected to start the day in red on Friday amid weak cues from the global peers. Investors will look at corporate results, global cues, and update on monsoon for market direction today. Markets will react to US President Donald Trump's tweet, saying he would slap a 10 per cent tariff on the remaining $300 billion of Chinese imports from next month and could raise tariffs further if China’s President Xi Jinping fails to move more quickly to strike a trade deal. The announcement on Thursday extends Trump’s trade tariffs to nearly all China’s imports into the United States and marks an abrupt end to a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets. The Dow Jones Industrial Average fell 280.85 points, or 1.05%, to 26,583.42, the S&P 500 lost 26.82 points, or 0.90%, to 2,953.56 and the Nasdaq Composite dropped 64.30 points, or 0.79%, to 8,111.12. Global stocks including the ones in Asia took another beating on Friday while investors piled on to safe-haven assets after US President Donald Trump tweet. Back home, auto stocks may be in focus today as data showed that sales in July continued to go down amid poor demand. Investors may also react to IMD's forecast of a zero deficit monsoon in August and September. On the earnings report front, as many as 84 companies will declare their results for the quarter ended June which include names like Aditya Birla Capital, Andhra Bank, Bata India, BEML, Birla Corp, Equitas Holdings, Exide Industries, GATI, Godrej Agrovet, GSPL, HDFC Ltd, ITC, Nestle India, State Bank of India, Union Bank of India, and V-Mart among others. On Thursday,, the 30-share benchmark ended at 37018.32 down by 462.8 points or by 1.23 % and then NSE Nifty was at 10980 down by 138 points.
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