BSE Sensex and Nifty 50 were set to see a tepid start on Wednesday, a day before weekly F&O expiry. Nifty futures were ruling at 16,173, down 38 points or 0.23 per cent on Singaporean Exchange. In the previous session, BSE Sensex closed 105.82 points or 0.19% lower at 54,364.85, while the NSE Nifty 50 ended 61.90 points or 0.38% lower at 16,240. Analysts said that markets were witnessing volatile swings as various factors like rising interest rates, concerns over slower economic growth and further tightening measure in China continued to weigh on investors. “Nifty has corrected sharply by 6.5% in the last 7 trading sessions. While the secondary market is struggling with volatility, we are witnessing lot of action in the primary market,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Delhivery IPO opens today: Delhivery IPO will open on 11 May for subscription and close on 13 May. The Rs 5,235-crore issue will be sold at a price band of Rs 462-487 per share. Upon successful listing on BSE and NSE, Delhivery will join the likes of other listed companies Blue Dart Express, TCI Express, and Mahindra Logistics.
Venus Pipes & Tubes IPO opens: Venus Pipes & Tubes IPO will open for public subscription on 11 May, and will conclude on 13 May. SMC Capitals is the sole book running lead manager to the issue. The equity shares of the company are proposed to be listed on BSE and National Stock Exchange (NSE).
Nifty 50 outlook: The short-term trend of Nifty continues to be negative, said an analyst. “An attempt of upside bounce from the lows seems to have completed in the last two sessions and the market is placed for further weakness. The near term downside target remains at 15700 levels. On the upper side,16400-16500 levels could be a strong overhead resistance,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Global market set up: Asian stock markets were trading mixed in early trade on Wednesday. Japan’s Nikkei 225 was little changed while the Topix index shed 0.43%. In overnight trade on Wall Street, the S&P 500 climbed 0.25% while the Nasdaq Composite gained 0.98%, and the Dow Jones Industrial Average fell 84.96 points.
Q4 results today: Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Balaji Amines, Birla Corporation, HSIL, JSW Ispat Special Products, Kalyan Jewellers India, Kennametal India, KSB, Lakshmi Machine Works, Lloyds Steels Industries, NCC, Skipper, Prism Johnson, Relaxo Footwears, Sagar Cements, SKF India, Butterfly Gandhimathi Appliances, Century Enka, Cholamandalam Financial Holdings, and DIC India will release quarterly earnings on May 11.
FII and DII activity: On Tuesday, foreign institutional investors (FIIs) offloaded shares worth Rs 3,960.59 crore, whereas domestic institutional investors (DIIs) remained net buyers to the tune of Rs 2,958.40 crore worth of shares on net basis in Indian equity markets.