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

By: |
August 26, 2020 8:31 AM

Domestic benchmark indices could start Wednesday’s trading session with tepid gains, as the SGX Nifty in Singapore was seen trading 15 points higher during the early hours of trade.

One of the biggest Bulk deals on the bourses yesterday was Radhakrishan Ramnarain selling 1.15 crore shares of The Phoenix Mills.

Domestic benchmark indices could start Wednesday’s trading session with tepid gains, as the SGX Nifty in Singapore was seen trading 15 points higher during the early hours of trade. Sensex and Nifty enter the day’s trading session on the back of a three-day gaining streak and nearly at a six-month high. The 50-stock Nifty is sitting above the 11,450 mark while BSE Sensex is 38,800 points. Global cues too were negative but analysts believe banking and finance sector stocks could chart the trajectory that domestic markets will take during today’s trading session.

Global cues: Although Dow Jones ended with losses on the previous trading session, NASDAQ and the S&P 500 ended with gains as indices climbed near record highs. In Asia on Wednesday morning,  Shanghai Composite was trading flat to negative while Hang Seng was up with marginal gains. Stock markets in Japan were down while KOSDAQ was up with gains.

FII and DII data: It was yet another day of foreign institutional investors pouring in money into domestic equity markets. According to the NSDL data, FIIs pushed in Rs 1,062 crore into Indian equity markets. On the other hand, domestic institutional investors pulled out Rs 172 crore on the same day.

Deals: One of the biggest Bulk deals on the bourses yesterday was Radhakrishan Ramnarain selling 1.15 crore shares of The Phoenix Mills at Rs 66.10 per share. Radhakrishan Ramnarain held 1.16 crore shares of the company at the end of June this year and is part of the promoter group. ICICI Prudential Mutual Fund and Massachusetts Institute of Technology (MIT) bought shares of Matrimony.com.

Read More: Bank frauds up 28% last year; PSU banks account for over half the cases

Results today: Today Dalal Street will see Indraprastha Gas, Gillette India, Gujarat Mineral Development Corporation, Dolat Investments, and NACL Industries announce their quarterly results. 

RBI’s to conduct OMO: The Reserve Bank of India on Tuesday announced that it will purchase and sell bonds through open market operations in two separate tranches of Rs 10,000 crore each. The move is aimed at easing long-term yields.

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