Nifty-Sensex-Pre Market Report : 06.08.2019
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Pre-Session: Sensex, Nifty likely to start day in red amid J&K crisis
06/08/2019 08:41
Indian benchmarks are expected to start the day on negative note as investors will keenly follow the Kashmir situation, corporate earnings, and global cues for market direction today. The Rajya Sabha yesterday approved a resolution scrapping the special status to Jammu and Kashmir and passed another Bill approving the bifurcation of the state into two Union territories. The government’s move triggered panic among investors and they will continue to keep a tab on developments on that front. Traders will continue to react to June quarter earnings, including the ones announced yesterday in post-market hours. On the global front, Wall Street slumped on Monday and futures pointed to more losses to come after a fall in China’s yuan currency and US President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked an escalation of the US-China trade war. The Dow Jones Industrial Average fell 767.27 points, or 2.9%, to 25,717.74, the S&P 500 lost 87.31 points, or 2.98%, to 2,844.74 and the Nasdaq Composite dropped 278.03 points, or 3.47%, to 7,726.04. Asian stocks extended their already substantial losses and the offshore yuan hit an all-time low on Tuesday after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.75% to its lowest since January. Japan's Nikkei shed 2.7%, Australian stocks fell 2.6% and South Korea's KOSPI slid 1.5%. On Monday, the 30-share benchmark index ended at 36699.84 down by 418.38 points or by 1.13 % and then NSE Nifty was at 10862.6 down by 134.75 points.
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