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Sensex, Nifty stare at a muted start; 5 things to know before the opening bell today

Sensex and Nifty could witness a gap down opening on Thursday with the SGX Nifty trading flat during the early hours of trade. The benchmark indices enter the day’s trading session on the back of a four-day gaining streak.

Sensex, Nifty stare at a muted start; 5 things to know before the opening bell today
It was another day of heavy buying from Foreign Institutional Investors on Wednesday, flooding domestic equity markets with Rs 1,581 crore.

Sensex and Nifty could witness a gap down opening on Thursday with the SGX Nifty trading flat during the early hours of trade. The benchmark indices enter the day’s trading session on the back of a four-day gaining streak. On Wednesday, in a late rally the 30-stock Sensex zoomed 230 points to sit above the 39,000 point mark, while the 50-stock Nifty ended close to the 11,550 mark. Analysts say, equity markets are in a bullish phase for the short-term but profit booking is not being ruled out. Investors will also keep an eye on the monthly F&O expiry today.

Global cues: Stock markets in the United States of America ended with gains on the previous trading session. NASDAQ ended 1.73% higher. On Thursday morning, however, Asian markets were trading with losses. Shanghai Composite was down along with Hang Seng. Stock markets in South Korea and Japan too were in the red.

FII and DII data: It was another day of heavy buying from Foreign Institutional Investors (FII) on Wednesday, flooding domestic equity markets with Rs 1,581 crore.On the other hand Domestic Institutional Investors (DII) were seen pulling money away as they sold stocks worth Rs 1,194 crore. 

Deals: In a bulk deal on Wednesday Sumitomo Corporation sold 24.56 lakh shares of VA Tech Wabag at Rs 210.49 per share. HSBC Bank Mauritius sold 7.2 lakh shares of Ceat Ltd at Rs 900 per share. Birla Mutual Fund was seen selling Atul Auto shares, Societe Generale sold 22 lakh shares of Equitas Holdings, while HDFC Mutual Fund bought 1.57 lakh shares of Ramco Systems.

Results today: Today Edelweiss Financial Services, NMDC, ARSS Infrastructure, GMR Infrastructure, Avanti Feeds, among others will announce their quarterly results. Other companies including BFL Asset Finvest, BL Kashyap, Chennai Ferrous Industries, Gayatri Projects, HCC, ICRA, IDFC, PNC Infratech, will also be posting their quarterly performance today.

Technical take: “The short term trend of Nifty continues to be positive. Next upside resistance to be watched at 11650 for the next few sessions. Immediate support to be watched at 11450. A decisive/sustainable move above 11600-11650 could pull Nifty towards the next upside of 11900-12000 in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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