Market today: GIFT Nifty tops 26k, China rate cut, Northern Arc IPO listing

Arkade Developers GMP unlisted shares were trading at a premium of around Rs 63 against the IPO issue price of Rs 128, as per sources tracking grey market activities. This implies a strong GMP of 49.22 per cent, indicating a substantial listing gain for investors.

Meanwhile, Western Carriers (India) unlisted shares were trading at a premium of around Rs 16 against the IPO issue price of Rs 172, as per sources tracking grey market activities. It indicates a not so impressive debut with GMP at 9.3 per cent.

NSE, BSE SME IPO:

BikeWo GreenTech Limited IPO, SD Retail Ltd IPO, Phoenix Overseas Ltd IPO, and Avi Ansh Textile Ltd IPO will close for subscription on NSE SME.

Shares of Osel Devices, Deccan Transcon Leasing, Envirotech Systems, and Pelatro will be listed on NSE SME today. Meanwhile, Popular Foundations’ shares will be listed on BSE SME today.

In the US today, among others, House Price Index data for July, CB Consumer Confidence data for September, and Richmond Fed Manufacturing and Service Index data for September will be eyed.

Meanwhile, in the Asia Pacific markets, today, Japan’s Jibun Bank Manufacturing, Service, and Composite data for September will be released and eyed. Also, South Korea’s Producer Price Index (PPI) data for August will be on investors’ radar.

Back home, foreign portfolio investors (FPIs) have pumped over Rs 87,000 crore (over $10 billion) into domestic equities this quarter, the highest inflow since the three months ended June 2023.

India’s unemployment rate stagnated at 3.2 per cent from July 2023 to June 2024, thus reflecting deterioration in labour markets, according to the latest annual Periodic Labour Force Survey (PLFS) report, released by the National Statistical Office (NSO) on Monday. It stalled after declining for five consecutive years.

US markets on Monday

The indices closed with gains. The Dow Jones finished 0.15 per cent higher, S&P 500 closed up 0.28 per cent, and Nasdaq Composite ended 0.14 per cent higher.

Asian markets today

At the last count, Nikkei was up 1.4 per cent higher, ASX 200 was flat with a positive bias, Hang Seng was unchanged, and Shanghai was flat with a negative bias. Meanwhile, Kospi was up 0.15 per cent.

Crude oil check

On the commodity front, last seen, Brent crude futures were up 0.23 per cent to $74.07 per barrel.

Here’s how analysts view today’s (September 24) trading session

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

 

A reasonable bull candle was formed on the daily chart with gap up opening. Technically, this pattern indicates follow through upmove in the market and post sharp upside breakout of the hurdles recently. Though Nifty was placed at the new highs, there is still no indication of any reversal pattern or signs of any tiredness observed at the highs. The bullish pattern like higher highs and higher lows is intact on the daily chart and Nifty is on the way to forming a new higher high of the sequence, which is yet to be confirmed.

The short-term trend of Nifty continues to be positive. Nifty is now heading towards the upside target of 26,250 (1.618 per cent Fibonacci Extension) in the near term. Immediate support is at 25,750.

Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One Ltd

 

The follow-up surge after the substantial weekly developments indicates a buoyant undertone of our markets. Though the technical and derivative metrics are at extremely overbought terrain, which zooms out for a pragmatic approach. Additionally, as we headed into uncharted territory, projecting resilience seems a bit challenging. However, it is anticipated that the 26,000 mark will pose a formidable barrier to the ongoing momentum. Any significant breach has the potential to propel the market further toward the 26,200 zone, marking a sustained uptrend. On the lower end, the support base seems to upshift towards 25,800-25,750 on an intermediate basis, followed by 25,650-25,600 in the comparable period.

In light of the monthly expiry and overbought parameters, it is advisable to proactively secure profits at regular intervals instead of adopting a complacent approach. Additionally, the broader market exhibits significant sectoral movements that are poised to outperform. Therefore, it is imperative to maintain a stock-specific focus and vigilantly monitor global market developments.

Shrikant Chouhan, Head of Equity Research, Kotak Securities

 

Technically, after a positive opening market held the positive momentum throughout the day. Bullish candle on daily charts and uptrend continuation formation on intraday charts indicating further uptrend from the current levels.

We are of the view that the current market texture is bullish but due to temporary overbought conditions, we could expect range bound activity in the near future. For the day traders, 25,850-25,800/84,700-84,500 would act as key support zones while 26,050-26,100/85,300-85,500 would be the immediate resistance areas for the bulls. However, below 25,800/84,500 uptrend would be vulnerable. Below the same, traders may prefer to exit from the trading long positions. 

FII, DII update: How much did FIIs, and DIIs buy or sell on September 23?

As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 404.42 crore. 

Likewise, the DII’s were net buyers of equities worth Rs 1,022.64 crore.

Indian markets on Monday:

BSE Sensex and NSE Nifty50, surged to historic highs before settling at record closing high levels on Monday. The Sensex added as much as 384.30 points or 0.45 per cent to settle at 84,928.61. The index scaled a record high of 84,980.53 during intraday trade. Mirroring the Sensex, Nifty50 touched an all-time high of 25,956, just 44 points shy of 26,000, before ending Monday’s session with a gain of 148.10 points or 0.57 per cent at 25,939.05.