Market Headstart: Nifty likely to open flat; Ashok Leyland, Bank of India top sell ideas

Source: moneycontrol.com

The Nifty50 is expected to open flat-to-lower on Friday tracking Asian markets which were trading mixed ahead of the Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, Wyoming, for clues on the central bank’s monetary policy.

US stocks ended mostly higher on Thursday. The Dow Jones Industrial Average rose 49.51 points to 26,252.24, the S&P 500 or 0.05 percent, to 2,922.95 and the Nasdaq Composite dropped 28.82 points to 7,991.39.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.08 percent loss or 9 points. Nifty futures were trading around 10,716-level on the Singaporean Exchange.

The S&P BSE Sensex plunged 587 points to 36,472 while the Nifty50 closed 177 points lower at 10,741 on Thursday.

The Indian rupee on August 22 plunged to an over eight-month low of 71.81, dropping 26 paise against the US dollar as tumbling equities and incessant foreign fund outflows weighed on sentiment.

On the institutional front, FPIs were net sellers in Indian markets for Rs 902 cr while the DIIs were net buyers to the tune of Rs 1719 cr, provisional data showed.

Global e-commerce giant Amazon will acquire 49 percent stake in Future Coupons, a Future Group entity that holds minority stake in Future Retail.

SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund on August 22 bought shares of drug firm Alkem Laboratories Ltd worth around Rs 538 crore through open market transactions.

Drug firm Lupin on August 22 said it has launched generic antidepressant Fluoxetine tablets in the American market.