Nifty Likely to Open Lower; Metals and Paper Stocks Could See Action

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Nifty Likely to Open Lower; Metals and Paper Stocks Could See Action

By Aditya Raghunath -- Early cues indicate a gap-down opening for Nifty 50 and the BSE Sensex 30 . Nifty 50 Futures in Singapore are down 0.37% indicating a red opening for the markets. Asian markets are also trading mixed. Expect volatility in the markets today.

Metal and paper stocks could see some action. Both these counters have been rallying in the last 3-5 trading sessions. Metal stocks are going up because of an increase in export duty in China as the country aims to curb pollution. Paper stocks are going up as massive wildfires in the US and Canada are causing a supply constraint in lumber, and lumber prices are moving up.

Chief Economic Advisor KV Subramanian, on Thursday, said that he expects inflation to come down below 6% in July but it will stay over 5% for some time.

In Asia, markets are mostly trading lower. Nikkei 225 is down 1.34% while KOSPI 50 is down 0.78% and Shanghai Composite is down 0.26%. This sentiment is likely to hit Nifty and the Sensex too.

US futures are trading lower as of this report after markets touched new highs in trade on July 29. Dow Jones 30 Futures are down 0.26% while S&P 500 Futures are down 0.68% and Nasdaq 100 Futures are down 1.22%

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