Nifty futures have been trading flat in the morning session, hinting at a flat opening for BSE Sensex and Nifty 50 on Tuesday. Amid mixed Asian cues, Indian share markets may well trade sideways today. Stock-precise development, COVID-19 updates, oil rates, FIIs activity, rupee movement against US dollar and other international cues will set the market place tone. “Globally, all eyes will be on European Central Bank, which will holds its policy meeting this week and is expected to shed some light on the stimulus tapering, following good economic recovery seen recently. Going ahead the positive momentum is likely to sustain as the sentiments remains quite constructive, supported by improving economic data and positive earnings expectation,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, stated.
Global watch: Asian stock markets have been trading mixed in early trade. Japan’s Nikkei 225 rose .72% although the Topix index sophisticated .88%. South Korea’s Kospi dipped .69 per cent. US stock markets remained on Monday for a vacation.
Oil rates: Oil rates have been wobbly on Monday as investors grappled with demand issues immediately after Saudi Arabia’s sharp cuts to crude contract rates for Asia. Brent crude futures for November rose 4 cents, or .1%, to $72.26 a barrel, immediately after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $68.88 a barrel, down 41 cents, or .6%, from Friday’s close, according to Reuters.
FII, DII activity: On Monday, foreign institutional investors (FIIs) sold shares worth Rs 589.36 crore, although domestic institutional investors (DIIs) lapped up shares worth Rs 547.31 crore on a net basis in the Indian equity market place.
Technical speak: technical analysts say that the brief term trend of Nifty continues to be positive. “Though, Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets to be watched around 17500-17600 levels in the next few sessions. Immediate support is placed at 17300 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, stated.
SEBI bans 85 entities: Sebi on Monday barred total 85 entities, like Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company’s share value. In its order, the regulator restrained Sunrise Asian and its then 5 directors from the capital markets for one year and the 79 connected entities for six months.