Domestic stocks are likely to see a negative to Wednesday's trade amid weak cues from other Asian markets. Any uptick in crude oil prices and wild currency movements could trigger a fresh round of profit booking, warned analysts. All eyes would be on the market debut of Global Health and Bikaji Foods International. Here's what you should know before the Opening Bell:
Nifty on Tuesday formed small bearish candle on the daily chart, which indicated indecisiveness among the bulls and the bears. For the index, 18,250 and 18,200 would be key support zones, said Shrikant Chouhan of Kotak Securities. Any further upside could lift the index up to 18,500, he said adding that any uptrend would be vulnerable below the 18,200 level.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange quoted 77.50 points, or 0.42 per cent, lower at 18,417, hinting at a weak start for the domestic market on Wednesday.
Asian markets fall in early trade
Asian markets mostly declined on Wednesday amid emerging geopolitical risks due to the Ukraine-Russia war. Japan's Nikkei 225 lost 0.69 per cent to 27,795.85. Hong Kong's Hang Seng fell 0.66 per cent to 18,222.50. Korea's Kospi slipped 0.74 per cent to 2,460.72. China's Shanghai Composite edged lower.
US stocks settle higher
Wall Street stocks gained on Tuesday, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in the US Fed rate hikes. Dow Jones advanced 56.22 points, or 0.17 per cent, to 33,592.92. S&P500 rose 34.48 points, or 0.87 per cent, to 3,991.73. Nasdaq Composite gained 162.19 points, or 1.45 per cent, to 11,358.41.
Corporate actions today
Wednesday will see at least three stocks namely CAMS, Bhagiradha Chemicals and QGO Finance going ex-dividend. Shares of Motherson Sumi Wiring will go ex-bonus today in 2:5 ratio. Shares of Pressure Sensitive Systems will go ex-split from face value of Rs 10 to Re 1 each.
Global Health, Bikaji to list today
Bikaji Foods International and Global Health will make their market debuts on Wednesday. Bikaji Foods traded at grey market premiums (GMPs) of Rs 23 (price band Rs 285-300) and Global Health at Rs 22 (price band Rs 319-Rs 336), respectively. The two IPOs ran from November 3 to November 7. Bikaji's IPO was subscribed 26.67 times and Global Health 9.58 times.
Stocks in F&O ban
Shares of BHEL, Delta Corp, GNFC, SUN TV and Punjab National Bank are 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.
DIIs sell shares worth Rs 549 crore
Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 221.32 crore on Tuesday. Domestic institutional investors (DIIs) were sellers of equities to the tune of Rs 549.28 crore.
Rupee gains 37 paise against dollar
The rupee rose 37 paise to settle at 80.91 against the dollar on Tuesday, on encouraging inflation data and weak greenback. Forex traders said a firm trend in domestic equities and easing crude oil prices supported the domestic currency. The local unit opened at 81.18 and touched an intra-day high of 80.91 and a low of 81.45 against the greenback.
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