SGX Nifty down 75 pts, Sensex, Nifty stare at gap-down start; 5 things to know before market opens

Market participants will take cues from rising COVID-19 cases, oil prices, corporate earnings, rupee movement and other global cues. Image: Reuters

SGX Nifty was trading over half a per cent weak in the early morning trade, hinting at a gap-down start for BSE Sensex and Nifty 50 on Friday. Market participants will take cues from rising COVID-19 cases, oil prices, corporate earnings, rupee movement, and other global cues. Asian peers were also trading weak following Wall Street losses in the overnight trade. US stock indices fell on reports that President Joe Biden has planned to almost double the capital gains tax to 39.6 per cent for people earning more than $1 million. Analysts say that the short-term trend of Nifty seems to have reversed up from the lows. “But the fear of sharp sell on rise is still persisted until 14560 level is surpassed decisively on the upside. The intraday chart setup could signal a possibility of another sell on rise around 14450-14500 levels in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

SGX Nifty: Nifty futures were trading 74 points or 0.51 per cent down at 14,328 on Singaporean Exchange. Trends on SGX Nifty suggest a negative start for Sensex and Nifty.

Q4 results: A total of 16 companies including HCL Technologies, Indiabulls Real Estate, Mahindra & Mahindra Financial Services, Aditya Birla Money, GNA Axles, Integrated Capital Services, Oriental Hotels, and Wendt (India), among others will release their quarter earnings on April 23.

FII, DII trends: On Thursday, foreign institutional investors (FIIs) offloaded shares worth Rs 909.56 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 849.98 crore on a net basis in the Indian equity market.

Fitch Ratings says recent Covid-19 surge may delay GDP recovery: Fitch Ratings on Thursday affirmed ‘BBB-’ sovereign rating for India, saying that a recent surge in coronavirus cases may delay GDP recovery, but it won’t derail the economy. However, the agency said that the outlook was negative, reflecting lingering uncertainty around the debt trajectory.

Global markets: Asian markets were trading lower on Friday, with Japan’s Nikkei 225 down 1.36 per cent. While the Topix index and South Korea’s Kospi declined nearly one per cent. In overnight trade on Wall Street, the three main US indexes fell on reports that President Joe Biden has planned to almost double the capital gains tax. The Dow Jones Industrial Average fell 0.94 per cent, the S&P 500 lost 0.92 per cent, and the Nasdaq Composite dropped 0.94 per cent.