Domestic equity markets closed in red on Monday, beginning the weak on a adverse note amid mixed worldwide cues. S&P BSE Sensex was slipped 123 points to closed at 52,852 when the NSE Nifty 50 ended at 15,824, down 31.6 points. Broader markets closed mixed with smallcap indices outperforming peers and closing in the green. Entering the second day of trade, SGX Nifty was up 45 points, hinting at some positive create-up ahead of the opening bell. Cues from worldwide peers had been largely positive soon after Wall Street equity indices closed with gains and Asian stock markets followed suit.
Global watch: Equity indices on Wall Street continued marching greater on Monday with the Dow Jones and S&P 500 gaining .24% every when NASDAQ closed flat with positive bias. Among Asian stock markets, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, Kospi, and KOSDAQ.
Technical take: “A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a lacklustre type movement in the market. This action signal chances of some more such range movement in the short term,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch out: Nifty has held just above 15,800, continuing to trade in variety for now. However, the index will have to have to break above or under 15900-15750 levels o show any trending move, mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. “A close below the levels of 15750 on an hourly basis, the Nifty would fall to 15650 levels. On the other hand, a close above the 15900 levels would enable the Nifty to move up to 16,000,” he added.
FII and DII activity: Foreign Institutional Investors (FII) had been net sellers of domestic stocks on Monday, pulling out Rs 2,376 crore when Domestic Institutional Investors (DII) had been net purchasers, pumping in Rs 2,376 crore.
IPO watch: Today the initial public providing (IPO) of Glenmark Life Sciences will open for subscription. The Rs 1,514 crore public situation is a mix of a fresh situation of equity shares and an give for sale (OFS) by current shareholders. Investors can bid for Glenmark Life Sciences IPO at the fixed cost band of Rs 695 – 720 per share in a bid lot of 20 shares.