Stock Market Morning News: Sensex and Nifty are trading 1% higher, IT sector trading 4 % up

 

Indian stock markets today opened in strong note amid positive global cues.  The Nifty opened at 11835.40 levels made a gap up opening of 96.55 points while Sensex opened at 40204.32 levels added 325.37 points from the previous close. The Bank Nifty on spot levels opened at 23150.25 levels made a gap up opening of 185.45 points.

At 10 am IST, the Nifty and Sensex are trading above1% higher while Bank Nifty on the spot levels is trading 1.30% up.

Wipro, HCL Tech, and TCS are trading as the top gainers in the Nifty index today whereas GAIL, ONGC, and Asain Paints are trading as top losers. TCS, Wipro, and Infosys are trading as the most active stock in NSE at this moment.

On a sectoral basis, the IT & Software sector is trading more than 4% at this moment. TCS announced Q2FY21 results yesterday, it has beat the street’s estimate. The market has reacted strongly after TCS Q2 results. Banking & Finance, Metals, and Automobile sectors are also trading strongly today.

On the losing side Industrial Gas, Infra, and Oil & Gas sectors are trading marginally down today.

 

Sensex and Nifty are expected to open positive today

 

Good morning and welcome to today’s morning latest stock market news and updates, 8th Oct, 8.10 am IST

Asian markets are trading mixed today. The Japanese Index Nikkei is trading higher by 0.91% whereas Hang Seng is trading lower by 0.71%, Shanghai is not trading today. The SGX Nifty is trading 18 points or 0.15% up. The Indian markets are expected to open in positive as per the global market cues.

The US markets closed strong after Trump signaled that he was open to a number of separate fiscal stimulus measures. The news came only hours after calling off talks with congressional democrats for a new stimulus package until the November election. The US market indices Dow and Nasdaq closed higher by 1.91% and 1.88% while S&P 500 gained 1.74% on 7th October.

Europen markets yesterday recovered their intraday losses and closed almost flat. The corporate earnings reported better than expected and offset uncertainties surroundings a fresh stimulus package in the U.S. The European indices FTSE and CAC closed marginally lower by 0.06% and 0.27% respectively whereas DAX closed higher by 0.17% on Wednesday.

Yesterday, the Indian stock market closed higher for the fifth consecutive days in a row. The Sensex and Nifty gained 0.77% and 0.66% respectively. FIIs were the buyers and DIIs were the seller in the cash market on Wednesday. FIIs bought Rs 1093.81 crore whereas DIIs sold Rs 1129.49 crore in the cash market segment on 7th October.

 

 

Today’s morning news and updates that can influence the stock market live.

 

IT & Software companies will in focus today after yesterday’s TCS 2nd Quarterly earnings reported. TCS has announced Q2 earnings after the market, its profit grew 6.7% to Rs 7475 crore QoQ basis. The TCS stock was already in the news after the company announced a buyback of Rs 16000 crores. 

The Q2FY21 has beat the street estimates and we may see further up move in the stock. We have recommended to Buy the stock last Friday 2nd October at Rs 2523, please read our last week’s stock recommendation here.

The US President Donald Trump has softened his stance on Wednesday for the new stimulus package. He has urged Congress to pass a number of small stimulus package for targeted industries, small businesses, Airlines, and households.

The RBI on Wednesday said the 2% interest subvention scheme for micro, small and medium enterprises (MSMEs) on loan extended by co-operative banks has been extended till March 31, 2021.

You can also read the latest stock market morning news and updates for today after the market gets open.

 

You may also like to read, Nifty, Bank Nifty futures Prediction for 8 Oct 2020

                                          Trading Strategies: Nifty, Bank Nifty futures | 5-9 Oct. 2020

 

Happy investing!!

Editor’s Desk