SGX Nifty moves up 68 pts, Sensex, Nifty may open in green; India Pesticides IPO, among key things to watch

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June 23, 2021 8:30 AM

BSE Sensex and Nifty 50 were set to see a gap-up start on Wednesday, as suggested by trends on SGX Nifty.

Sensex, Nifty, SGX Nifty, India Pesticides IPOChartists see further choppiness ahead due to scheduled derivatives expiry tomorrow

BSE Sensex and Nifty 50 were set to see a gap-up start on Wednesday, as suggested by trends on SGX Nifty. Nifty futures moved higher in trade, gaining 68.50 points or 0.43 per cent to 15,838.50 on Singaporean Exchange. Chartists see further choppiness ahead due to scheduled derivatives expiry tomorrow. In today’s trade, investors will keep tabs on stock-specific moves, Q4 results, crude oil prices, rupee movement against dollar, and other global developments. “We expect Nifty to challenge upper 15900 levels again in the next few sessions and a sustainable move above this area could open more upside towards 16200 levels. Immediate support is placed at 15650,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

India Pesticides IPO opens: India Pesticides’ Rs 800-crore IPO will open for subscription on Wednesday, June 23, 2021. The issue will close on 25 June. The company has fixed the price band of the issue at Rs 290-296 per share. The public issue comprises fresh issue of shares worth Rs 100 crore and offer-for-sale (OFS) of Rs 700 crore by existing promoter selling shareholders. Up to 50 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).

Global watch: Asia stock markets were trading higher in early trade on Wednesday with Japan’s Nikkei up 0.7 per cent, and China’s Shanghai Composite 0.15 per cent. Hong Kong’s Hang Seng index advanced 0.47 per cent. South Korea’s Kospi edged 0.19 per cent higher. US stock indices rose in overnight trade on Wall Street, after Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly. The Dow Jones Industrial Average rose 0.2 per cent and the S&P 500 gained 0.51 per cent, and the Nasdaq Composite added 0.79 per cent.

Call, PUT open interest: Maximum call OI was seen at 16,000 strike with 90,600 contracts, followed by 15,900 strike with 76,929 contracts. Maximum Put OI was at 15,500 strike with 55,395 contracts, and then 15,000 strike with 52,110 contracts.

FIIs turn sellers in Indian share market: On Tuesday, foreign institutional investors (FIIs) offloaded shares worth Rs 1,027.94 crore, while domestic institutional investors (DIIs) bought shares worth Rs 302.45 crore on a net basis in the Indian stock market.

Q4 results today: A total of 64 BSE-listed companies such as Asian Hotels (East), Allcargo Logistics, Apollo Hospitals Enterprise, Andrew Yule & Company, Deepak Spinners, Empire Industries, HCC, MBL Infrastructures, Mcleod Russel India, Mercator, Munjal Showa, Precision Wires India, Schneider Electric Infrastructure, Sharon Bio-Medicine, Speciality Restaurants, Technofab Engineering, and V2 Retail will release their January-March quarter earnings on June 23.

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