Domestic stocks are likely to catch up with rally in global markets, as they resume trade after a public holiday. All eyes would be on two IPOs opening up for subscription and quarterly results of corporates such as Tata Motors, Star Health, BEML and GIC, among others. Here's what you should know before the Opening Bell:
On Monday, Nifty made a fresh swing high on the daily chart, suggesting an uptrend. Rupak De of LKP Securities noted that the momentum indicator RSI showed a positive crossover and that the trend may remain bullish in the short term. He said Nifty can move towards 18,300 to 18,600 while he sees Nifty support at 18,000.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 44 points, or 0.24 per cent, higher at 18,391.50. The level suggests further gains for Nifty over its Monday's closing.
Asian markets mixed in early trade
Asian markets were mixed in early trade on Wednesday. Japan's Nikkei fell 0.3 per cent, Hong Kong's Hang Seng declined 0.4 per cent and China's Shanghai Composite edged 0.04 per cent lower. Korea's Kospi was up 0.95 per cent while Taiwan's key index was up 1.35 per cent.
US stocks settle higher
US stocks settled higher on Tuesday amid mid-term elections voting that will determine control of the US Congress. A political stalemate could prevent major policy changes. Dow Jones advanced 1.02 per cent to 33,160.83. S&P500 index added 0.56 per cent to 3,828.13. Nasdaq Composite rose 0.49 per cent to 10,616.20.
Q2 results today
Tata Motors, Pidilite Industries, Star Health and Allied Insurance Company, Godrej Properties, Deepak Nitrite, GIC, Piramal Enterprises, The Ramco Systems, BEML, Narayana Hrudayalaya and Nuvoco Vistas Corporation are among dozens of companies that are scheduled to declare quarterly results today.
Corporate actions today
Tech Mahindra will go ex-dividend today. The IT major had announced a dividend of Rs 18 per share. Shares of Punit Commercials will go ex-bonus today in 5:1 ratio.
2 IPOs to open today
Five Star Business Finance (Rs 1,960.01 crore size) and Archean Chemical (Rs 1,462.31 crore size) are two IPOs, which will open for subscription today. This is a heavy week for IPOs as Kaynes Technology (Rs 857.82 crore) will open for subscription on Thursday and Inox Green Energy (Rs 740 crore) on Friday.
Stocks in F&O ban
No Security is banned in the F&O segment today. Derivative contracts in a security is banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
FPIs buy shares worth Rs 1,949 crore
Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 1,948.51 crore on Monday. Domestic institutional investors (DIIs), on the other hand, were sellers of equities to the tune of Rs 844.20 crore.
Rupee rises 43 paise against dollar
The domestic currency rose 43 paise to settle at 81.92 against the greenback on Monday amid a weak dollar overseas and sustained foreign fund inflows. The rupee opened at 82.14 and hit a low of 82.32 against the greenback, before eventually settling at 81.92.
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