SGX Nifty surged greater in early trade on Wednesday, increasing 75.50 points or .47 per cent to 16,240.50 on Singaporean Exchange. Indices may possibly extend the earlier session’s rally, taking the BSE Sensex above 54,000 and NSE’s Nifty 16,200 on Wednesday. Investors will focus on the Q1 outcomes for stock-precise action, the RBI MPC meet that begins today and the macroeconomic information i.e. Markit Services and Composite PMI numbers for July. “Nifty formed a strong Bullish candle on daily scale. Now it has to hold above these levels. If index manages to sustain the current momentum and stays above 16,000, we can witness an up move towards 16,250-16,400 zones while on the downside support is seen at 15,900 levels,” mentioned Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
IPO Alert: Four IPOs — Devyani International, Windlas Biotech, Exxaro Tiles and Krsnaa Diagnostics– worth more than Rs 3,600 crore will open for subscription on August 4 and close on August 6.
RBI MPC begins: The Reserve Bank of India’s Monetary Policy Committee (MPC) will hold its bi-month-to-month policy meeting from August 4-6, and will announce its choice later this week. Analysts count on RBI MPC to hold interest prices and preserve accomodative policy stance.
FIIs turn purchasers in Indian stock industry: On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 2,116 crore, whilst domestic institutional investors (DIIs) offloaded shares worth Rs 298 crore on a net basis in the Indian share industry.
Q1 outcomes today: Around 70 BSE-listed corporations such as State Bank Of India, Hindustan Petroleum Corporation, Titan Company, Adani Green Energy, Godrej Consumer Products, Apollo Tyres, Adani Total Gas, Bosch, Chambal Fertilisers & Chemicals, Greenply Industries, H.G. Infra Engineering, PNB Housing Finance, Solara Active Pharma Sciences, Sonata Software, Tata Communications and Thomas Cook (India), will release April-June quarter earnings today.
Global watch: Asian stock markets had been trading mixed in early trade on Wednesday. South Korea’s Kospi sophisticated .61 per cent. In Australia, the S&P/ASX 200 gained .17 per cent. Japan’s Nikkei 225 fell .1 per cent whilst the Topix index shed .21 per cent. The S&P 500 index closed at record higher on Tuesday. The Dow Jones Industrial Average rose .8 per cent, the S&P 500 gained .82 per cent, and the Nasdaq Composite added .55 per cent.