Trends on SGX Nifty indicate a positive opening for the index in India with a gain of 85.50 points.
The Indian stock market is expected to open on a positive note as trends on SGX Nifty indicate a higher opening for the index in India with a gain of 85.50 points.
Yesterday, the BSE Sensex jumped 611.55 points or 1.09 percent to 56,930.56 while the Nifty50 rallied 184.70 points or 1.10 percent to 16,955.50 and formed bullish candle on daily charts.
According to pivot charts, the key support levels for the Nifty are placed at 16,859.6 followed by 16,763.8. If the index moves up, the key resistance levels to watch are 17,011.1 and 17,066.8.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street’s main indexes went higher yesterday in a broad rally after upbeat economic data and hopeful developments about the severity of the Omicron coronavirus variant that is sweeping the world.
The Dow Jones Industrial Average rose 261.19 points or 0.74 percent to 35,753.89, the S&P 500 gained 47.33 points or 1.02 percent to 4,696.56 and the Nasdaq Composite added 180.81 points or 1.18% to 15,521.89.
Asian Markets
Asian Markets are trading mostly higher today with Nikkei, Kospi, and Straits Times up 0.3 percent each.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a gain of 85.50 points. The Nifty futures were trading at 17,063.50 on the Singaporean Exchange at around 7:30 am Indian Standard Time.
MedPlus Health Services to debut today
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MedPlus Health Services is likely to clock a premium of at least 15 percent over its issue price as India’s second-largest retail pharmacy chain makes its public market debut today.
The initial public offering of the pharmacy retailer saw strong demand as investors subscribed the IPO about 53 times during December 13-15. Qualified institutional buyers’ portion was booked 112 times, followed by non-institutional investors, 85 times.
Retail investors and employees also showed good interest in the issue, buying 5.23 and 3.05 times the shares set aside for them, respectively.
The Rs 1,398 crore IPO consisted of a Rs 600 crore fresh issue and an offer for sale by selling shareholders of Rs 798.3 crore. The company will use money from the fresh issue for working capital requirements of subsidiary Optival Health Solutions.
SEBI observation letter validity period for NFOs back at 6 months
Securities and Exchange Board of India (SEBI) on Wednesday restored the validity period of the “observation letter” it issued for launching new fund offerings (NFOs) by mutual funds to six months.
This will come into force with immediate effect, SEBI said.
In March 2020, the securities regulator had extended the validity period of the observation letter from six months to one year from the date of the SEBI letter.
In SEBI parlance, issuance of observation letter implies its go-ahead for the NFO.
SEBI’s total income down 15% to Rs 813 crore for 2019-20
SEBI’s total income declined 15 percent to Rs 813 crore for financial year 2019-20 mainly due to a drop in earnings from fees and subscription.
According to the annual accounts of SEBI made public on Wednesday, the total expenditure of the regulator rose to Rs 588 crore for the year ended March 31, 2020, from Rs 492 crore for the previous fiscal.
The other administrative expenses increased from Rs 131 crore to Rs 148 crore and the establishment expenses climbed from Rs 293 crore to Rs 375.7 crore during the period.
The regulator’s fee income declined to Rs 608 crore from Rs 750 crore while earning from investments dropped to Rs 170 crore from Rs 180.7 crore during the period.
However, other income rose to Rs 18 crore from Rs 17.44 crore during the period.
US third-quarter economic growth
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US economic growth slowed in the third quarter amid a flare-up in COVID-19 infections, the government confirmed on Wednesday, but activity has since picked up, putting the economy on track to record its best performance this year since 1984.
Gross domestic product increased at a 2.3% annualised rate, the Commerce Department said in its third reading of GDP growth for the July-September quarter.
US existing home sales rise in November; supply remains tight
US home sales increased for a third straight month in November but supply remained tight, keeping house prices elevated and squeezing first-time buyers out.
Existing home sales rose 1.9 percent to a seasonally adjusted annual rate of 6.46 million units last month, the National Association of Realtors said on Wednesday. Sales rose in the most affordable Midwest region and the densely populated South as well as the West. They were unchanged in the Northeast.
Dollar slips as risk sentiment improves, Aussie outperforms
The euro, Australian dollar and other currencies recovered against the US dollar as traders turned more positive about the economic outlook on Wednesday, even as Omicron cases rocketed and investors braced for more volatility.
Risk appetite has improved since Monday, when markets were rattled by government restrictions relating to the spread of Omicron, and after US Senator Joe Manchin said he would not support a new fiscal spending package.
The dollar dipped 0.37 percent against a basket of currencies to 96.068.
The dollar index, however, remains near a one and a half year high of 96.938 reached on November 24, on expectations that the Federal Reserve is closer to raising rates.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 827 crore while domestic institutional investors (DIIs) net bought shares worth Rs 1,593 crore in the Indian equity market yesterday, as per provisional data available on the National Stock Exchange (NSE).
Stocks under F&O ban on NSE
Four stocks – Escorts, Indiabulls Housing Finance, Vodafone Idea, and Zee Entertainment Enterprises – are under the F&O ban for today. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
