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Market today: Oil below $70, US Prez debate, Bajaj Housing IPO last day
Source: Business Standard
Stock Market, BSE, Nifty, Capital(Photo: Shutterstock)
Share market today, Wednesday, September 11, 2024: Domestic benchmark indices Sensex and Nifty are likely to open flat to negative, tracking global stocks. At 6:57 AM GIFT Nifty futures were down 5 points at 25,092.
Domestically, investors will track the movement in oil prices, that are hovering near three year lows. At the last count, Brent crude oil was at $69.53 per barrel on concerns over a weak demand outlook.
Opec has trimmed its global crude oil demand forecast for 2024 for the second month in a row in its September Oil Market Report.
The group, first, adjusted the projection downward from 2.25 million barrels per day (bpd) to 2.11 million bpd in August 2024. In the September report, the forecast has been further lowered to 2.03 million bpd. READ MORE
That apart, investors will adjust their trading positions ahead of the release of India’s Index of Industrial Production (IIP) for July and inflation data for August on September 12. These data points will provide important cues for the market’s trajectory, especially amid concerns about global economic headwinds.
Global triggers
In the US, market participants will analyse the ongoing US presidential debate.
Meanwhile, they eagerly await inflation data for August, scheduled to be released today, and the Federal Reserve’s policy decision next week which, as per Reuters’ poll, will witness 25 basis point cut.
Additionally, market participants expect rate cuts at each of the US central bank’s three remaining policy meetings in 2024.
US markets on Tuesday
The US markets closed mixed, Dow Jones was down 0.23 per cent. Meanwhile, the S&P 500 was up 0.45 per cent and Nasdaq Composite was up 0.84 per cent.
Asian markets performance today
Asia-Pacific markets followed the US markets’ suit and traded mixed. At the last count, Nikkei slipped 0.65 per cent, and ASX 200 was flat with positive bias. Meanwhile, Hang Seng was unchanged and Shanghai was flat with a negative bias.
Here’s how analysts view today’s (September 11) trading session
Rajesh Bhosale, Equity Technical Analyst, Angel One
Nifty appears to have entered a consolidation phase with immediate support around 24,900-24,800 and resistance at 25,200-25,300. Traders should adopt a buy-on-dip, sell-on-rise strategy while focusing on stock-specific moves for better opportunities. Global market recovery, after last week’s selloff, also plays a vital role in guiding our market’s direction, so it’s essential to track developments there closely.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty has witnessed a recovery from the support cluster of 24,800 – 24,850. On the upside, it has now reached the zone of 25,100 – 25,150 where resistance in the form of 61.82 per cent Fibonacci retracement level is placed. The divergent signal from the daily and hourly momentum indicators is also pointing towards a near-term consolidation. Thus, the price and momentum indicator suggests a consolidation and the range is likely to be 24,800 – 25,200.
Nifty Bank too witnessed the continuation of the pullback however is facing resistance in the zone 51,400 – 51,500. Thus, it shall be a crucial level to surpass from a short term perspective. On the downside, 50,900 – 50,800 shall be a crucial support zone from a short term perspective.
Rupak De, Senior Technical Analyst at LKP Securities
Sentiment is expected to stay weak in the near term unless Nifty manages a close above 25,100. On the lower side, support is seen at 24,900; if breached, the index may decline further towards 24,750.
IPO watch today: Kross, Bajaj Housing Finance, Tolins Tyres, and others in focus
Main Board IPO:
Kross Ltd IPO’s, Bajaj Housing Finance IPO’s, and Tolins Tyres IPO’s subscription window will close today.
On Day 2, Kross Ltd IPO was subscribed 2.56 times by the end of day 2. Meanwhile, Bajaj Housing Finance was subscribed 7.5 times and Tolins Tyres was subscribed 5.2 times.
NSE, BSE SME IPOs:
Excellent Wires and Innomet Advanced Materials Ltd IPO will open for subscription today on NSE SME.
Conversely, Aditya Ultra Steel Limited IPO, Shubhshree Biofuels Energy Ltd IPO, and Gajanand International Limited IPO will close for subscription on NSE SME. Meanwhile, Share Samadhan Ltd’s IPO will close for subscription to BSE SME.
Shares of Mach Conferences and Events will be listed on BSE under SME category today. ON NSE SME, shares of Namo eWaste Management will be listed.
FII, DII update: How much did FIIs, and DIIs buy or sell on September 10?
As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 2,208.23 crore. However, the DII’s were net sellers of equities worth Rs 275.37 crore.
Here’s how the Indian benchmark fare on Tuesday:
Sensex and Nifty finished the session higher on Tuesday, capping a session of steady trading, as global stocks took cues from the overnight rally in US markets, even as investors worried about the size of the interest rate cut to be announced by the Federal Reserve at its policy meeting next week.
At the closing bell, the 30-stock benchmark closed at 81,921, up 361 points, or 0.44 per cent. Meanwhile, the Nifty 50 closed at 25,041, gaining 104 points, or 0.42 per cent.
