6 things to know before opening bell on Dalal Street as Sensex, Nifty hunt for a gap-up start

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Updated: Sep 08, 2020 8:29 AM

Tuesday could start on a positive note for domestic indices with the SGX Nifty gaining 28 points during the early hours of trade.

Share Market News Today | Sensex, Nifty, Share Prices LIVE:The initial Public Offering of Happiest Minds Technologies was oversubscribed in less than three hours on Monday morning.

Sensex and Nifty snapped a two-day losing streak on Monday as the benchmark indices gained marginally. Tuesday could start on a positive note for domestic indices with the SGX Nifty gaining 28 points during the early hours of trade. Analysts believe that stock markets are likely to stay range-bound for the next few sessions as the new trading norms get submerged into the system. However, fresh tension overnight across the LAC in eastern Ladakh could spoil the mood. Stock markets in Asia were largely in the green, except Shanghai Composite which was flat.

FII and DII trends: On Monday foreign institutional investors sold stocks worth Rs 6.93 crore. On the other hand, domestic institutional investors were seen selling equities worth Rs 815 crore. Monday was the second day straight when FIIs sold stocks. 

Bulk and Block deals: Franklin Mutual Series Fund – Franklin Mutual Beacon Fund sold 31 lakh shares of Indiabulls Housing Finance on Monday. Cornalina Acquisitions (FII) Ltd. sold 12.2 lakh shares of Shriram City Union Finance Ltd. to Arkaig Acquisition (FPI) Ltd. 

Global trends: On Tuesday morning in Asian stocks markets were largely positive. Hang Seng was up in the green followed by Topix, and Nikkei 225. Share markets in South Korea were also trading with gains.

Border tensions: The LAC on the eastern side of Ladakh still remains tense with the Chinese side accusing Indian Army of firing warning shots last night. Talks have so far not been able to defuse tensions across the border between the two countries. 

Happiest Minds IPO oversubscribed: The initial Public Offering of Happiest Minds Technologies was oversubscribed in less than three hours on Monday morning. At the end of the day the issue was subscribed nearly 3 times with retail investors subscribing to their quota over 14 times.

What do the charts say: “After showing weakness on Friday, Nifty shifted into a consolidation on Monday and showed minor upside recovery from the lows and closed the day on a minor positive note. A small body of negative candle was formed with a long lower shadow. This pattern indicates a formation of doji type candle patterns. This market action could indicate an opportunity of minor upside bounce in the next session,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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