Nifty 50 may make another fresh record-high on Thursday; 5 things to know before opening bell

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Updated: Jan 14, 2021 8:52 AM

Nifty futures were trading at 14,592.50 levels, up 20 points or 0.14 per cent up on Sinpaorean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Thursday

Sensex, Nifty, stock marketDoes this weakness in the share price of both the IT majors present a buying opportunity for investors or is it a sign to stay away despite the stellar results posted by the firms?

Nifty futures were trading at 14,592.50 levels, up 20 points or 0.14 per cent up on Sinpaorean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Thursday. In the previous session, Nifty 50 index ended at record high closing level. Investors will continue to track October-December quarter earnings for stock-specific development. Market analysts believe that even though, the market witnessed higher level weakness on Wednesday, still there is no indication of reversal pattern forming at the new highs. Nagaraj Shetti, Technical Research Analyst, HDFC Securities said that there is a possibility of further upmove in the Nifty 50 index amid a range movement in the next one-two sessions.

FII, DII data: On Wednesday, foreign institutional investors (FIIs) lapped up shares worth Rs 1,879.06 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 2,370.17 crore on a net basis in the Indian equity market, according to provisional data available on the NSE.

Nifty valuation at record-high: Even as Nifty 50 ended flat Wednesday but at a record high, taking the valuation to an all-time high of 39.94. Yesterday, Nifty 50 index hit an all-time of high of 14,653.35. According to analysts, market valuation is trading at P/E multiple of 40x for the first time in 25 years.

Call, Put Option data: For the January series, maximum Call Open Interest (OI) is placed at 15000 strike with 23.13 lakh contracts. This is followed by 15.17 lakh contracts at 14000 strike. Maximum Put OI is at 14000 strike with 30.36 lakh contracts, followed by 24.89 lakh contracts at 13000 strike

Corporate earnings: A total of six BSE listed companies including Den Networks, HFCL, Reliance Industrial Infrastructure, Tata Steel Long Products, among others are set to announce their October-December quarter earnings today.

Global watch: Asian stock market peers were trading mixed in early trade on Thursday. Japan’s Nikkei 225 rose 1.38 per cent while the Topix index edged up 0.86 per cent. In overnight trade on Wall Street, benchmark S&P 500 index closed slightly higher on Wednesday. The Dow Jones Industrial Average fell 0.03 per cent, the S&P 500 gained 0.23 per cent, and the Nasdaq Composite added 0.43 per cent.

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