Domestic stocks are likely to witness a positive start in Wednesday’s session, led by overnight gains in US stocks ahead of the monthly F&O end. Asian markets edged higher in early trade but crude oil prices edged higher on uncertainty over Russian supplies. All eyes will be on the listing of Inox Green Energy. Here’s what you need to know before the opening bell:
nifty outlook
The market seems to have stopped its short term downside correction and started seeing a nice upside bounce from the lows. Nagaraj Shetty of HDFC Securities said a sustained rally from here is expected to pull the index towards the recent high of 18,450. He said that immediate support for the index is placed at 18,100 level.
SGX Nifty is showing signs of positive opening
Nifty futures on the Singapore Exchange closed 65 points, or 0.36 per cent, higher at 18,352.50 on Wednesday, indicating a positive opening for the domestic market.
Asian markets rise in early trade
Asian markets were mostly up in Wednesday’s trade, with US stocks rising overnight. Japan’s Nikkei rose 0.61 per cent, China’s Shanghai Composite rose 0.04 per cent, Hong Kong’s Hang Seng rose 0.32 per cent while Korea’s Kospi rose 0.17 per cent. Taiwan’s main index was up 0.47 percent.
US stocks close at two-month high
US stocks climbed on Tuesday, the S&P 500 settled at its highest level in 2-1/2 months, as Best Buy forecast sales eased concerns that high inflation could lead to a dismal holiday shopping season while a jump in oil prices helped lift energy stocks. The Dow Jones rose 397.82 points, or 1.18 percent, to 34,098.10. The S&P 500 added 53.64 points, or 1.36 percent, to close at 4,003.58. The Nasdaq Composite rose 149.90 points, or 1.36 percent, to close at 11,174.41.
corporate action today
On Wednesday, there will be ex-dividend on three stocks named Hindustan Zinc, Panama Petrochem and Indian Toners and Developers. Today is also the last date for the merger of Mindtree and LTI. Mindtree and LTI started functioning as a merged entity with effect from November 14, following the approval of the NCLT.
inox green energy will debut in the market
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 energy operation and maintenance service provider will take place at BSE. If one goes by the suggestion of gray market premium (GMP), then there is every possibility of a muted listing for the stock.
Stock in F&O restrictions
There is no restriction on any stock in F&O segment today. Derivative contracts in a security are banned when they exceed 95 per cent of the market-wide position limit (MWPL). No new position can be created in the derivative contracts of the said security. This restriction is lifted when the open interest in MWPL’s stock on the exchanges falls below 80 per cent.
DII bought shares worth Rs 636 crore
Provisional data available with NSE showed that FPIs were net sellers of domestic stocks worth Rs 697.83 crore on Tuesday. Domestic institutional investors (DIIs) were buyers of equity worth Rs 636.39 crore.
Rupee strengthened by 12 paise against dollar
The rupee appreciated 12 paise to close at 81.67 against the dollar on Tuesday as the greenback retreated from its higher levels. At the interbank forex 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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