Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the green on Tuesday, as suggested by trends on SGCX Nifty in early trade. Nifty futures were ruling 53 points or 0.33 per cent up at 16,228.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex finished 37.78 points or 0.07% lower at 54,288 while the NSE Nifty 50 index fell 51.45 points or 0.32% to settle at 16,214. Analysts say markets have seen a roller coaster kind of ride for the last few weeks with Nifty taking support around 15,800 levels multiple times. It bounced back sharply in the last 3 trading sessions by 640 points (4%) from a low of 15,775 on Thursday to an intraday high of 16,414 on Monday. “However, absence of any follow up buying at higher levels, macro headwinds of inflation and interest rates and consistent FII selling have kept the gains in check and selling pressure re-emerging around the 16,400 mark,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

Key things to watch before market opens on 24 May 2022

Global market set up: Asian stock markets were subdued in Tuesday’s trading session. Japan’s Nikkei 225 was down 0.42%, while the Topix was lower by 0.34%. South Korea’s Kospi was down 0.8%. In overnight trade on Wall Street, US stocks ended higher with the heftiest boost coming from Apple Inc and Microsoft Corp. The Dow Jones Industrial Average rose 618.34 points, or 1.98%, the S&P 500 gained 72.39 points, or 1.86%, and the Nasdaq Composite added 180.66 points, or 1.59%.

Delhivery, Venus Pipes and Tubes listing: Today shares of Venus Pipes and Delhivery will list on the stock exchanges. While the IPO of Venus Pipes was oversubscribed by all categories of investors, however, Delhivery’s public issue was not entirely subscribed by retail investors and NIIs.

Aether IPO opens: The Rs 808 crore Aether IPO, which opens today for subscription today, includes a fresh issue of Rs 627 crore and an Offer for Sale (OFS) of Rs 181 crore. Investors can subscribe to the issue in a fixed price band of Rs 610-642 per share.

India’s economic growth may have slowed to 3.5%: The economic growth may have slowed to 3.5 per cent in fourth quarter of 2021-22 from 5.4 per cent in the previous three-month period due to the impact of higher commodity prices on margins, decline in wheat yields and on higher base, ICRA Ratings said on Monday.

Q4 results today: BSE-listed companies such as Grasim Industries, Adani Ports, JM Financial, Clariant Chemicals, Ugro Capital, Bank of India, eClerx Services, Ipca Laboratories, Latent View Analytics, Jyothi Labs, Metropolis Healthcare, Minda Industries, MTAR Technologies, NIIT, National Fertilizers, RailTel Corporation of India, Shree Renuka Sugars, RITES, Strides Pharma Science, and Zee Media will be release their January-March quarter earnings on May 24.

FII and DII activity: On Monday, foreign institutional investors (FIIs) sold shares worth Rs 1,951.17 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 1,445.39 crore worth of shares on a net basis in Indian equity market.

Stocks under F&O ban: Three stocks – Delta Corp, GNFC and Indiabulls Housing Finance – are under the F&O ban for 24 May 2022. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

Nifty technical view: “While we remain open to further pullback rallies in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15735 is broken. Till then enjoy any rally till it lasts,” Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities, said.