Sensex and Nifty could be looking at a negative start on Wednesday with the SGX Nifty trading 50 points lower during the early hours of trade.
Sensex and Nifty could be looking at a negative start on Wednesday with the SGX Nifty trading 50 points lower during the early hours of trade. Both the benchmark indices slipped into the red on Tuesday on the back of the brewing tension between India and China in Eastern Ladakh. Broader markets fell more than the benchmarks, which analysts say, hints at profit booking. Further, stock markets are expected to closely watch the India-China border dispute and the developments around a coronavirus vaccine. Volatility has now risen to sit close to 23 levels.
Global stock watch: The NASDAQ slipped 4% on Tuesday while Dow Jones and the S&P 500 were over 2% lower. On Wednesday morning, Shanghai Composite was trading in red along with Hang Seng, Nikkei 225, Topix, Kospi, and other major Asian stock markets.
AstraZeneca’s vaccine trial paused: British-Swedish pharma major AstraZeneca paused its coronavirus vaccine trial to examine an “potentially unexplained” illness in a recipient. The move comes as the pharma major looks to examine the safety of the vaccine and has termed the halt as a routine action.
FII and DII activity: Foreign Institutional Investors (FII) sold domestic stocks worth Rs 1,056 crore on Tuesday while Domestic Institutional Investors (DII) bought equities worth Rs 620 crore. This was the third day straight when FII sold stocks in domestic markets.
Bulk and Block deals: Brookdale Mauritius International sold over 6 lakh shares of Strides Pharma on Tuesday and Societe Generale was seen buying the shares. Heavy selling was seen for Future Consumer and Future Supply Chain Solutions. Enam Finance, Edelweiss Crossover Opportunities Fund, Alpha Leon Enterprises LLP, Chetan Raiklal Shah, Dhunseri Ventures were seen selling the stocks of Future group companies. However, Chetan Raiklal Shah and Alpha Leon Enterprises LLP were also involved in some buying.
IPO watch: Happiest Minds Technologies IPO was subscribed 8.4 times at the end of day 2 of the issue opening up for subscription. Retail investors subscribed to the quota close to 39 times. Stock markets will also witness the opening of Route Mobile Ltd.’s IPO today.