Sensex, Nifty may mirror global peers on opening; 5 things to know ahead of today’s trading session

Today the initial public offering (IPO) of Glenmark Life Sciences will open for subscription.
(Image: REUTERS)

Domestic equity markets closed in red on Monday, starting the weak on a negative note amid mixed global cues. S&P BSE Sensex was slipped 123 points to closed at 52,852 while the NSE Nifty 50 ended at 15,824, down 31.6 points. Broader markets closed mixed with smallcap indices outperforming peers and closing in the green. Entering the second day of trade, SGX Nifty was up 45 points, hinting at some positive build-up ahead of the opening bell. Cues from global peers were largely positive after Wall Street equity indices closed with gains and Asian stock markets followed suit. 

Global watch: Equity indices on Wall Street continued marching higher on Monday with the Dow Jones and S&P 500 gaining 0.24% each while NASDAQ closed flat with positive bias. Among Asian stock markets, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, Kospi, and KOSDAQ.

Technical take: “A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a lacklustre type movement in the market. This action signal chances of some more such range movement in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch out: Nifty has held just above 15,800, continuing to trade in range for now. However, the index will need to break above or below 15900-15750 levels o show any trending move, said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. “A close below the levels of 15750 on an hourly basis, the Nifty would fall to 15650 levels. On the other hand, a close above the 15900 levels would enable the Nifty to move up to 16,000,” he added.

FII and DII activity: Foreign Institutional Investors (FII) were net sellers of domestic stocks on Monday, pulling out Rs 2,376 crore while Domestic Institutional Investors (DII) were net buyers, pumping in Rs 2,376 crore.

IPO watch: Today the initial public offering (IPO) of Glenmark Life Sciences will open for subscription. The Rs 1,514 crore public issue is a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. Investors can bid for Glenmark Life Sciences IPO at the fixed price band of Rs 695 – 720 per share in a bid lot of 20 shares.

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