Nifty futures were trading flat in the morning session, hinting at a flat opening for BSE Sensex and Nifty 50 on Tuesday. Amid mixed Asian cues, Indian share markets may trade sideways today. Stock-specific development, COVID-19 updates, oil prices, FIIs activity, rupee movement against US dollar and other global cues will set the market tone. “Globally, all eyes will be on European Central Bank, which will holds its policy meeting this week and is expected to shed some light on the stimulus tapering, following good economic recovery seen recently. Going ahead the positive momentum is likely to sustain as the sentiments remains quite constructive, supported by improving economic data and positive earnings expectation,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Global watch: Asian stock markets were trading mixed in early trade. Japan’s Nikkei 225 rose 0.72% while the Topix index advanced 0.88%. South Korea’s Kospi dipped 0.69 per cent. US stock markets remained on Monday for a holiday.
Oil prices: Oil prices were wobbly on Monday as investors grappled with demand concerns after Saudi Arabia’s sharp cuts to crude contract prices for Asia. Brent crude futures for November rose 4 cents, or 0.1%, to $72.26 a barrel, after falling 39 cents on Monday. U.S. West Texas Intermediate crude for October was at $68.88 a barrel, down 41 cents, or 0.6%, from Friday’s close, according to Reuters.
FII, DII activity: On Monday, foreign institutional investors (FIIs) sold shares worth Rs 589.36 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 547.31 crore on a net basis in the Indian equity market.
Technical talk: technical analysts say that the short term trend of Nifty continues to be positive. “Though, Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets to be watched around 17500-17600 levels in the next few sessions. Immediate support is placed at 17300 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
SEBI bans 85 entities: Sebi on Monday barred total 85 entities, including Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company’s share price. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months.