Nifty-Sensex-Pre Market View - 29.08.2019: 09.00 Am
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Pre Session- Sensex, Nifty likely to open on a negative note
29/08/2019 08:38
The Indian benchmark indices are likely to open negative on Thursday amid August series futures & options contracts to expire and participants roll over positions to the September series. Trends on SGX Nifty indicate a negative opening for the broader index in India. Experts suggest, the Market is likely to remain in a range amid August F&O expiry, traders are advised to focus on stock-specific opportunities rather than betting on index until it stabilised and witnessed some strength. Government on August 28 announced that it has approved 100 per cent Foreign Direct Investment (FDI) through the automatic route in coal mining, its sale and all its associated infrastructure. The government has also approved 100 per cent FDI through the direct route in contract manufacturing, said Commerce Minister Piyush Goyal at the Cabinet briefing. He also announced 26 percent FDI with government approval in digital media. Currently, in the print media sector, 26 percent FDI is allowed through government approval route. Cabinet relaxed the rules for single-brand retail, more than seven years after the foreign investment cap was removed for the segment to attract marquee foreign brands such as Gucci, Louis Vuitton, Ikea and others into the country. It also approved an export subsidy of Rs 10.44 per kg which would enable mills to ship around six million tonnes (mt) of the sweetener in the coming season that starts from October. The Dow Jones Industrial Average rose 258.2 points, or 1%, to 26,036.1, the S&P 500 gained 18.78 points, or 0.65%, to 2,887.94 and the Nasdaq Composite added 29.94 points, or 0.38%, to 7,856.88. Asian stocks struggled to recover on Thursday as economic turbulence from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade while Japan's Nikkei rose 0.14%. On Wednesday, the rupee declined by 29 paise to close at 71.77 against the US dollar as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen. On the corporate front, the shares of Balaji Amines, Satin Creditcare Network, Kingfa Science & Technology (India), JMC Projects, Piramal Enterprises will be in focus today. Back home, the 30-share benchmark index ended at 37451.84 down by -189.43 points or by -0.5 % and then NSE Nifty was at 11046.1 down by -59.25 points.
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