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Business News » India News

Galaxy Surfactants listing, choppy trade in Asia among key things to track today

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Galaxy Surfactants listing, choppy trade in Asia among key things to track today
At 8:15 am, SGX Nifty was trading at 10,499, up 47 points or 0.45 per cent. Image source: Reuters
Written By: ZeeBiz WebTeam
Updated: Thu, Feb 08, 2018
08:53 am
ZeeBiz WebDesk
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The domestic market look set to open higher, snapping its seven-session long losing streak, even as Asian markets were trading low.  

At 8:15 am, SGX Nifty was trading at 10,499, up 47 points or 0.45 per cent. 

Sentiment turned cautious after Reserve Bank of India (RBI) on Wednesday kept its repo rate on hold and retained its “neutral” stance, warning that it will closely monitor accelerating inflation but also saying economic growth needs to be “carefully nurtured”.

Below are the key events that will set up the trade today: 

1) Nifty technical cues

Brokerage Angel Broking believs 10,528-10,614 on Nifty would be seen as immediate hurdles and unless index doesn’t cross this wall, the market will remain under pressure. 

"A move beyond 10614 doesn’t change the near term trend; but, it would certainly extend the bounce back towards 10730 – 10780 levels. On the lower side, 10423 – 10347 remains to be intraday supports," said the technical report by the brokerage.
 
"We reiterate that traders need to be very selective as the volatility is likely to remain on the higher side and also with such global issues; the opening direction is mainly dictated by the overnight cues from the global markets. Hence, one should avoid taking any kind of undue risks and should rather remain light on positions. In fact, it would be a prudent ploy to stay light and avoid making any kind of bottom fishing till the definite signals emerge,” the report added.

2) Galaxy surfactants to list today

Speciality chemicals manufacturer Galaxy Surfactants will make its stock market debut today. The company concluded its initial public offer last week.

Galaxy Surfactants' Rs 937-crore IPO was subscribed 20 times during January 29-31.

The IPO was in a price band of Rs 1,470-1,480 per share.

3) Earnings today

As many as 220 companies are scheduled to report their December quarter numbers today. These include ACC, BHEL, ABB India, SAIL, CESC, Cadila Healthcare, Andhra Bank, Glenmark Pharma, JP Power, Page Industries, Torrent Pharma and Trent, among others.

4) Asian markets six-week lows

Asian markets flirted with six-week lows on Thursday as US bond yields crept up toward four-year highs as investors fretted that low borrowing costs enjoyed by companies for many years may be endangered by the threat of rising inflation.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent in early Thursday trade, staying near its six-week low touched on Tuesday.

Japan’s Nikkei gained 0.6 per cent, though it was still down more than six per cent so far this week.

MSCI’s broadest gauge of the world’s stock markets has lost ground in seven of the last eight sessions until Wednesday, a period in which it slumped 6.8 per cent.

5) Wall Street fades in choppy trade

US stocks ran out of steam on Wednesday after an early surge, in a sign that investors are still spooked by the market’s recent retreat and wary more fallout is to come.

The Dow Jones Industrial Average fell 19.42 points, or 0.08 percent, to 24,893.35, the S&P 500 lost 13.48 points, or 0.50 per cent, to 2,681.66 and the Nasdaq Composite dropped 63.90 points, or 0.9 percent, to 7,051.98.

6) Crude prices under pressure

Oil prices today were close to their lowest levels this year, with soaring US output undermining OPEC’s efforts to tighten markets and prop up prices.

Brent crude futures were at $65.28 per barrel, down 23 cents, or 0.4 per cent, from the previous close. US West Texas Intermediate (WTI) crude futures were at $61.58 a barrel. That was down 21 cents, or 0.3 per cent, from their last settlement.

The dips follow bigger falls on Wednesday, when crude touched one-month lows and erased most of 2018’s early gains.

(With inputs from Reuters)

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TAGS:
MarketsSensexNiftySGX NiftyWall StreetAsian marketoil pricesGalaxy surfactants listing
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