Domestic stock indices are set to kick off the last week of the year on a muted note, tracking mixed global cues. Asian stocks gave up early gains. A few markets globally are shut today. Back home, three new companies- Muthoot Microfin, Suraj Estate Developers and Motisons Jewellers, will debut on Dalal Street today. Here’s what you should know before the opening bell:
Nifty outlook
Nifty traded in a range of the 21,232-21,391 levels on the 15-minute chart and retraced a good portion of the Wednesday’s losses on the daily chart, said Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities.
“The short-term trend remains down. Momentum readings like the 14-day RSI too remain in decline mode after declining sharply from overbought levels on Wednesday. This calls for caution in the near term. Nifty would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 21,232, he said.
Nifty Bank outlook
Amol Athawale, Vice President – Technical Research at Kotak Securities said the 47,000 level could act as a sacrosanct support zone for the Nifty Bank index, above which it could rally till 48,000-48,300. “However, below 47,000, the uptrend would be vulnerable. The index could slip till 46,700-46,500 in that case,” he said.
GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 8 points, or 0.04 per cent, higher at 21,417, hinting at a flattish start for the domestic market on Tuesday.
Asian stocks fall in early trade
Asian markets gave up initial gains amid thin trading volumes. The trading momentum remained subdued , as many markets globally are closed for the extended Christmas holiday. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.22 per cent. Japan’s Nikkei shed 0.02 per cent; Australia’s ASX 200 eased 0.03 per cent; New Zealand’s DJ fell 0.02 per cent; China’s Shanghai dropped 0.22 per cent; Hong Kong’s Hang Seng tanked 1.60 per cent; South Korea’s declined 0.07 per cent.
Oil prices little changed
Oil prices were little changed on Tuesday, as investors focused on geopolitical tensions in the Middle East and amid optimism the US Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand. Brent crude futures fell 26 cents, or 0.3 per cent, to $79.13 a barrel by 0115 GMT while US West Texas Intermediate crude was at $73.59 a barrel, up 3 cents.
Dollar index languishes at 5-month low
The dollar was trying to find a floor on Tuesday in holiday-thinned trade, pressured by signs that inflation in the world’s largest economy is cooling that will likely give the Federal Reserve room to ease interest rates next year. The dollar index languished near a five-month low and was last at 101.65. Against the greenback, the euro slipped 0.06 per cent to $1.1019, while the sterling was little changed at $1.2701. In Asia, the yen rose 0.1 per cent to 142.20 per dollar.
Wall Street stocks settle mixed
US stocks gyrated to a mixed close on Friday as investors headed into the Christmas holiday weekend, having digested cooler-than-expected inflation data which firmed bets for Federal Reserve interest rate cuts in the new year. All three indexes turned less decisive in light trading as the afternoon progressed. The Dow Jones Industrial Average fell 18.38 points, or 0.05 per cent, to 37,385.97, the S&P 500 gained 7.88 points, or 0.17 per cent, at 4,754.63 and the Nasdaq Composite added 29.11 points, or 0.19 per cent, at 14,992.97.
Muthoot Microfin to market D-St debut
Shares of Muthoot Microfin will make its debut on Dalal Street today. The company raised a total of Rs 960 crore. The offer included a fresh share sale of Rs 760 crore and an offer-for-sale (OFS) 2,61,16,838 equity shares, sold at Rs 291 apiece. The company is commanding a premium of Rs 25-30 per share in the grey market.
Suraj Estate Developers to list today
Shares of Suraj Estate Developers will make its debut on Dalal Street today. The issue was sold at Rs 360 apiece. The company raised a total of Rs 400 crore. It included a fresh shares sale of 2,74,71,000 equity shares. The company is commanding a premium of Rs 15-20 per share in the grey market.
Motisons Jewellers to list on bourses
Shares of Motisons Jewellers will make its debut on Dalal Street today. The issue was sold at Rs 55 apiece. The company raised a total of Rs 151.09 crore. This issue was entirely an offer-for-sale (OFS) 2,21,10,955 equity shares. The company is commanding a premium of Rs 65-70 per share in the grey market.
FPIs sell shares worth Rs 2,829 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 2,828.94 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 2,166.72 crore. Overseas investors have pumped about Rs 57,313 crore in the Indian equities in the month of December so far.
Rupee rises 9 paise against dollar
The Indian rupee strengthened on Friday tracking a rise in its Asian peers and aided by dollar sales from large foreign banks. The rupee ended at 83.14 against the US dollar, compared to its previous close at 83.27 on Friday.
