Domestic stocks are likely to see a positive start to Wednesday's session, thanks to a rise in US stocks overnight, ahead of the monthly F&O expiry. Asian markets were trading higher in early trade, but crude oil prices jumped on Russian supply uncertainty. All eyes would be on the listing of Inox Green Energy. Here's what you should know before the Opening Bell:
The market seems to have halted its short-term downward correction and started seeing decent upside bounce from the lows. A sustainable upmove from here is expected to pull the index towards the recent swing highs of 18,450 said Nagaraj Shetti of HDFC Securities. The immediate support for the index is placed at 18,100 level, he said.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 65 points, or 0.36 per cent, higher at 18,352.50, hinting at a positive start for the domestic market on Wednesday.
Asian markets rise in early trade
Asian markets were trading mostly higher in Wednesday's trade, tracking rise in US stocks overnight. Japan's Nikkei rose 0.61 per cent, China's Shanghai Composite edged 0.04 per cent higher, Hong Kong's Hang Seng added 0.32 per cent while Korea's Kospi gained 0.17 per cent. Taiwan's key index was up 0.47 per cent.
US stocks end at 2-month highs
US stocks climbed on Tuesday, with S&P500 settling at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares. Dow Jones rose 397.82 points, or 1.18 per cent, to 34,098.10. S&P500 added 53.64 points, or 1.36 per cent, to 4,003.58. Nasdaq Composite advanced 149.90 points, or 1.36 per cent, to 11,174.41.
Corporate actions today
Wednesday will see three stocks namely Hindustan Zinc, Panama Petrochem and Indian Toners & Developers going ex-dividend today. Today is also the ex-date for Mindtree and LTI merger. Mindtree and LTI started operating as a merged entity from November 14 after receiving NCLT approval.
Inox Green Energy to make market debut
Inox Green Energy, whose initial public offer (IPO) was sold from November 11 to November 15, will make its market debut on Wednesday. The listing ceremony for the wind power operation and maintenance service provider will take place at BSE. If one goes by what the grey market premium (GMP) suggests, a muted listing for the stock is all likely.
Stocks in F&O ban
No stock is banned in the F&O segment today. Derivative contracts in a security are banned when they cross 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 buy shares worth Rs 636 crore
Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 697.83 crore on Tuesday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 636.39 crore.
Rupee rises 12 paise against dollar
The rupee rose 12 paise to settle at 81.67 against the dollar on Tuesday, as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 81.72 and touched an intra-day high of 81.64 and a low of 81.83 against the greenback.
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