Sensex, Nifty may open flat; five factors that could define stock market movement today

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December 8, 2020 8:41 AM

A host of factors such as newsflow related to COVID-19 vaccine, Supreme Court hearing on interest waiver or loan moratorium case, Tata versus Mistry case, oil prices, rupee movement and other global cues will set the market tone for today

Sensex, niftyAsian peers were seen trading mixed in early deals on Tuesday with Japan’s Nikkei 225 down 0.34 per cent. The South Korea’s the Kospi declined 1.1%

SGX Nifty points to a flat opening with a negative bias for BSE Sensex and Nifty 50 on Tuesday. A host of factors such as newsflow related to COVID-19 vaccine, Supreme Court hearing on interest waiver or loan moratorium case, Tata versus Mistry case, oil prices, rupee movement and other global cues will set the market tone for today. Analysts expect that optimism around coronavirus vaccine may push indices higher today. Asian peers were seen trading mixed in early deals on Tuesday with Japan’s Nikkei 225 down 0.34 per cent. The South Korea’s the Kospi declined 1.1%. On the other hand, in overnight trade on Wall Street, Nasdaq Composite closed at a record high.

FII and DII data: On Monday, foreign institutional investors (FIIs) lapped up shares worth Rs 3,792.06 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 2,767.09 crore in the Indian equity market on a net basis, according to the provisional data available on the NSE.

Technical take: “The short term trend of Nifty continues to be positive and the market is inching towards our upper trajectory of 13500-13600 levels gradually. Minor consolidation or intraday weakness are expected to be a buy on dips opportunity for the short term. Immediate support is now placed at 13250,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

New IPO soon: Biscuit maker Mrs Bectors Food Specialities will launch its ₹ 550 crore initial public offering (IPO) on December 16. The IPO comprises fresh issuance of shares worth Rs 50 crore and offer for sale to the tune of Rs 500 crore by existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.

India speeds up of Pfizer, AstraZeneca covid vaccine review: India is accelerating its review of COVID-19 vaccines developed by Pfizer Inc and AstraZeneca to authorise for emergency use, a senior official said on Monday, as the world’s second-hardest hit country seeks to contain the virus outbreak, according to Reuters.

Oil prices fall: According to Reuters, oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.

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