Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the index in India with a 34-points gain.
image for illustrative purpose
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index with a 34-points gain.
The BSE Sensex rallied 488.10 points to close at 59,677.83, while the Nifty50 jumped 144.30 points to 17,790.30 and formed Doji kind of pattern on the daily charts as the closing was near opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,750.2, followed by 17,710.1. If the index moves up, the key resistance levels to watch out for are 17,844 and 17,897.7.
US Markets
The Dow Jones Industrial Average gained 0.98 percent, the S&P 500 rose 0.83 percent and the Nasdaq Composite moved up 1.05 percent.
Asian Markets
Asian shares rose on October 8 as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, after rallying 2.1 percent the day before, its biggest daily gain since August. Japan's Nikkei index advanced 1.8 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 34-points gain. The Nifty futures were trading at 17,849 on the Singaporean Exchange around 07:30 hours IST.
Live Updates
- 8 Oct 2021 8:59 AM IST
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,764.25 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,528.64 crore in the Indian equity market on October 7, as per provisional data available on the NSE.
- 8 Oct 2021 8:58 AM IST
Fitch cuts India's FY22 GDP growth forecast to 8.7%
Fitch Ratings has cut India's economic growth forecast to 8.7 percent for the current fiscal but raised GDP growth projection for FY23 to 10 percent, saying the second COVID-19 wave delayed rather than derail the economic recovery.
In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors".
- 8 Oct 2021 8:57 AM IST
Mutual funds remain most attractive tool of investment during pandemic: Survey
Mutual funds remain the most attractive tool of investment during COVID-19 followed by equities as returns are healthy in this asset class, according to a survey by Financial advisory firm Findoc Group.
The survey was conducted among more than 10,000 existing customers of Findoc Group between July 27 and September 4.
- 8 Oct 2021 8:56 AM IST
US jobless claims fall to 326,000, first drop in four weeks
The number of Americans applying for unemployment benefits fell last week, another sign that the US job market and economy continue their steady recovery from last year's coronavirus recession.
Unemployment claims fell by 38,000 to 326,000, the first drop in four weeks, the Labor Department said on October 7. Since surpassing 900,000 in early January, the weekly applications, a proxy for layoffs, had fallen more or less steadily all year. Still, they remain elevated from pre-pandemic levels: Before COVID-19 hammered the U.S. economy in March 2020, weekly claims were consistently coming in at around 220,000.
- 8 Oct 2021 8:56 AM IST
China's Sept services activity returns to growth - Caixin PMI
Activity in China’s services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, a private-sector survey showed on October 8, offering some support to a slowing economy.
The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 53.4 from 46.7 in August, pulling away from the lowest level seen since the height of the pandemic last year. The 50-point mark separates growth from contraction on a monthly basis.
- 8 Oct 2021 8:55 AM IST
RBI Monetary Policy | Central Bank to take a call on interest rate decision
The RBI monetary policy committee (MPC) is more likely to vote for holding the policy repo rate steady at 4 percent, notwithstanding rising inflationary pressures in the economy and the depreciation of the rupee.
The MPC is likely to remain on a pause mode on Friday as it awaits more cues from the growth-inflation front. The general consensus among economists is that the stance will remain ‘accommodative’.
