Aurobindo Pharma is the Nifty top gainer whereas Idea Cellular Ltd., is the Nifty top loser in the morning hours. Aurobindo Pharma is trading at Rs 673.40 per share up by 1.07%. Idea is trading at Rs 117.50 per share, down by 1.76%. RIL is trading at its 8-year high.
The 8,970-9,000 zone is likely to remain a key resistance area in the short term for Nifty50. On the downside, immediate support is placed around the level of 8,880 and if this support is breached next major support is placed around the level of 8,820.
The Dow Jones Industrial Average closed higher at 11th consecutive trading session on Friday. The Nasdaq Composite Index gained 0.17%, while the S&P 500 Index rose by 0.15%.
The European markets closed in negative territory in Friday's trading session, as weakness in the U.S., a fall in commodities and a slew of underwhelming earnings reports weighed on investor sentiment. FTSE 100 closed lower by 27.67 points, German DAX closed lower by 143.80 points and CAC 40 of France closed lower by 46.05 points.
On Monday, Asian shares started the new trading week on a negative note. Japan’s Index Nikkei 225 fell over 1% as the yen strengthened for the fourth session. Hang Seng and Shanghai Composite lost 0.27% and 0.17%, respectively.