Domestic equities surged to fresh all-time highs on the back of a continued rally in IT stocks and better-than-expected inflation data.
“Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where many heavyweights are likely to post their results this week. This will support the overall ongoing market momentum and stock-specific action,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 44.5 points, or 0.20 per cent, at 22,099, signaling that Dalal Street was headed for negative start on Tuesday.
- Tech View: The next immediate upside targets for the index are positioned at 22,200/22,300 levels. Sustaining above these levels could potentially lead the index towards the 22,500 mark, said Kunal Shah of LKP Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 5.13% to settle at 13.78 levels.
Asian shares down
Asian equities fell Tuesday following declines in European stocks and bonds as European Central Bank officials tamped down rapid rate cut expectations.
- S&P 500 futures fell 0.3% as of 9:39 a.m. Tokyo time
- Hang Seng futures fell 0.5%
- Nikkei 225 futures (OSE) fell 0.4%
- Japan’s Topix fell 0.3%
- Australia’s S&P/ASX 200 fell 0.9%
- Euro Stoxx 50 futures fell 0.2%
Oil ticks up
Oil prices edged slightly higher on Tuesday as the Middle East crisis escalated and ship tracking data showed more tankers altering course away from the Red Sea in response to attacks in the area by Yemen’s Houthi movement.
Stocks in F&O ban today
1) India Cements
2) Metropolis
3) Delta Corp
4) PEL
5) Hindustan Copper
6) SAIL
7) Biocon
8) Chambal Fertilisers
9) ZEE
10) Escorts
11) PVR Inox
12) Bandhan Bank
13) BHEL
14) Indus Tower
15) Polycab
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors turn net buyers at Rs 1,085 crore on Monday. Meanwhile, DIIs sold shares worth Rs 820 crore.
Rupee
The rupee strengthened for the ninth consecutive session to settle with a gain of 6 paise to 82.89 (provisional) against the US dollar on Monday, driven by a rally in the domestic equity markets.
FII data
The net long of FIIs increased from Rs 66,619 crore on Friday to Rs 88,695 crore.
Q3 results
Federal Bank, HDFC Bank, ICICI Lombard, LTTS and a slew of other companies will announce their third quarter results today.
