Sensex, Nifty likely to see gap-up start; 5 things to know before market opens on Monday

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March 8, 2021 8:57 AM

Indian share market benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Monday.

sensex, niftyAccording to a technical analyst, NSE's Nifty could test the 50-DMA this week placed at 14,585

Indian share market benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Monday. In the previous session, Sensex ended 440 points lower at 50,405, while the 50-stock NSE Nifty gave up the 15,000-mark. According to a technical analyst, NSE’s Nifty could test the 50-DMA this week placed at 14,585. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said that this week, Nifty/Sensex could touch minimum 14750/50000 or 14550/49300 levels. “On the higher side, 15150/51200 and 15280/51600 would be major hurdles. The focus should be on FMCG and Auto companies,” he added.

SGX Nifty in green: Nifty futures were trading 53 points or 0.35 per cent higher at 15,006.50 in early trade on Singaporean Exchange, hinting at a positive start for equity benchmarks.

Easy Trip Planners IPO opens: Easy Trip Planners’ Rs 510-crore initial public offering (IPO) will open for subscription on Monday, March 8, 2021. The public issue will entirely be an Offer For Sale (OFS) by existing shareholders. The issue will remain open for subscription till March 10. Ahead of the IPO, Easy Trip raised Rs 229 crore anchor investors, allotting them 1.2 crore equity shares at Rs 187 apiece.

Oil prices at 1-yr high: On Monday, Brent crude futures jumped 2.6 per cent to $71.17 a barrel for the first time since the COVID-19 pandemic began, following reports of attacks on Saudi Arabian oil facilities.

Global watch: Asian stock markets were trading higher in early trade on Monday. Japan’s Nikkei 225 rose nearly one per cent and the Topix index added 0.91 per cent. South Korea’s Kospi jumped over half a per cent. In overnight trade on Friday, major US stock indices on Wall Street ended with gains. The Dow Jones Industrial Average rose 1.45 per cent, the S&P 500 gained 1.58% and the Nasdaq Composite added 1.16 per cent.

FIIs turn net sellers in equity market: Reversing the two-month buying streak, foreign portfolio investors (FPIs) pulled out Rs 5,156 crore from Indian markets in the first week of March amid profit booking and rising bond yields in the US.

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