Sensex and Nifty are likely to open on a negative note in Thursday’s trade, tracking weak global cues in US market and a tepid trend in other Asian markets. The S&P 500 fell 0.2%, its fifth straight session of loss. The Nasdaq composite slipped 0.5%, while the Dow Jones Industrial Average finished just barely in the green.
Dollar lost ground while oil prices rose in early trade. Here’s what you should know before the Opening Bell:
Mohit Nigam, Head – PMS, Hem Securities said, “On the technical front, immediate support and resistance in Nifty 50 are 18450 and 18670 respectively. Bank Nifty immediate support and resistance are 42900 and 43400 respectively.”
Rupak De, Senior Technical Analyst at LKP Securities said, “The momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward; support on the lower end is pegged at 18,500/18,350. On the higher end, resistance is visible at 18,670/18,750.”
SGX Nifty signals at negative start
Nifty futures on the Singapore Exchange were trading marginally lower, signaling a negative start for the market on Thursday. Nifty futures were trading 14 points lower at 18,662 today.
Asian markets trading lower
Asian markets were largely trading in the negative territory. Nikkei was down 208 points to 27,477, Taiwan weighted index lost 127 points to 14,502 and Kospi fell 18 points to 2364. Hang Seng was the only gainer, rising 340 pts to 19,155.
The S&P 500 slipped 7.34 points to 3,933.92. The Nasdaq fell 56.34 points to 10,958.55. The Dow managed a 1.58-point gain, essentially flat, at 33,597.92.
Brent crude futures were marginally higher at $77.73 per barrel, up 0.41%. On the other hand, US Crude futures stood at $72.63 per barrel.
Dollar index on Thursday
The index was trading on the higher side post weak action in the US markets. It rose 0.13% to 105.29, signaling the US currency’s strength in early trade
Shares of Aptus Value Housing Finance and Can Fin Homes will go ex-dividend today. BLS International Services will turn ex-bonus in the ratio of 1:1. The board of Yash Innoventures will meet today to consider a scheme of arrangement. The MFS Intercorp board will meet today to approve quarterly earnings.
Stocks in F&O ban
Shares of Punjab National Bank, Gujarat Narmada Valley Fertilisers & Chemicals Ltd, Indiabulls Housing Finance are banned in the F&O segment today. Derivative contracts in a security are 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.
FII/ DII action on Wednesday
Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 1241.87 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 388.85 crore.
Rupee closes marginally higher
The rupee trimmed initial losses and ended 3 paise higher at 82.47 against the US dollar on Wednesday after the Reserve Bank of India (RBI) raised the repo rate by 35 basis points. The local unit opened at 82.74 and touched an intra-day high of Rs 82.40 and a low of Rs 82.75 against the greenback.