Domestic benchmark indices might be in for a muted opening on Thursday morning as the SGX Nifty was trading flat during the early hours of trade.
Domestic benchmark indices could be in for a muted opening on Thursday morning as the SGX Nifty was trading flat during the early hours of trade. Sensex and Nifty enter today’s trading session after hovering in the negative territory for the entire session on Wednesday. Delay in coronavirus vaccine, border tensions, and valuations are some of the factors that analysts say are weighing in on domestic stocks. Stock markets in the United States ended positively on Wednesday, after the route in tech stocks earlier led to the share markets falling down. Volatility has been sitting around 22 levels after having fallen to below 18 levels earlier.
Global watch: Stocks markets in US surged with tech stocks rallying again. Major share markets in Asia were seen trading higher on Thursday morning. Shanghai Composite was up along with Hang Seng, KOSPI, Topix, and Nikkei 225.
FII and DII trends: On Wednesday, Foreign Institutional Investors (FII) marked the 4th straight day on pulling money away from domestic stocks. FIIs sold shares worth Rs 959 crore. On the other hand, Domestic Institutional Investors (DII) sold shares worth Rs 264 crore. Since last Friday, FIIs have sold over Rs 3,800 crore worth of shares.
Supreme Court to hear moratorium interest case: The Supreme Court will take up the interest on interest during the moratorium period case. The case has the potential to move banking stocks if the verdict goes against them. However, the Apex Court has earlier noted that it is not looking to completely write off interest for banks.
Bulk and Block deals: On Wednesday, Victory Emerging Market Small Cap Fund bought over 8 lakh shares of Escorts through a bulk deal. HDFC Mutual Fund bought 8.64 lakh shares of Transport Corporation of India.
Overwhelming IPO response: Initial Public Offerings of Happiest Minds Technologies and Route Mobile have received positive response from market participants. Happiest Minds IPO closed yesterday after being oversubscribed 150 times. Non-Institutional Investors subscribed their quota 351 times. On the other hand, Route Mobile IPO was fully subscribed on day one with retail investors oversubscribing their portion.
Equity mutual fund outflow in August: In the month of August, equity mutual funds saw outflows of Rs 3,999 crore. Experts say, this can be attributed to the run-up in the stocks markets as investors booked profits. This was the second straight month of outflows from equity mutual funds.