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The Indian markets ended Wednesday’s session on a positive note amid robust macroeconomic numbers.
The Indian markets ended Wednesday’s session on a positive note amid robust macroeconomic numbers. The BSE Sensex gained over 600 points, while Nifty50 reclaimed 17150-mark at the market close as metal, auto and banks stocks surge.
Rohit Singre, Senior Technical Analyst at LKP Securities said, “Index opened a day with good gap and Managed to close a day on a positive note at 17167 with gains of more than one percent forming a bullish candle on the daily chart.”
He added, “The index has formed two strong hurdle zone on the higher side around 17220-17300 zone until we don’t cross or give decisive close above-mentioned resistance we may not see aggressive buying comes in so said levels will be immediate trend deciding levels & trading below said levels structure will be weak, good support zone formed near 17050-16950 zone.”
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The US markets continued to see selloff as all major indices closed in thread again on Wednesday. Dow Jones closed over 462 points or 134 per cent to 34,022, Nasdaq Composite ended 1.83% or 284 points to 15,254 and S&P 500 settled at 4513, down 54 points or 1.13% on Wednesday's closing.
All major Asian markets were also trading negative on Thursday morning. Japanese Nikkei 225 index was trading with correction of 0.73% or 202 points, Hang Seng was down 0.57% and Shanghai Composite was trading lower by 0.10 % around 7.10 am on Wednesday.
SGX Nifty Futures was trading lower by 138 points to 17,107 around 7.15 am on Thursday, hinting at negative opening for the Indian indices.
Oil rallies as OPEC meets, but supply glut looms
Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of a new coronavirus variant triggering fresh travel restrictions that could dampen oil demand.
Equity markets, which often move in tandem with oil prices, also rebounded as investors bought the previous session`s dip in the hope the Omicron variant would not derail an economic recovery.
Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $2.06, or 3.1%, to $68.24 a barrel.
Star Health IPO subscribed 20 pc on second day of offer
The initial public offering of Star Health and Allied Insurance Company Ltd was subscribed 20 per cent on Wednesday, the second day of the offer.
The IPO received bids for 89,67,776 shares against 4,49,08,947 shares on offer, according to an update on the NSE.
The category for Retail Individual Investors (RIIs) was subscribed 89 per cent, Qualified Institutional Buyers (QIBs) was subscribed 7 per cent and non-institutional investors portion received 2 per cent subscription.
November trade deficit at record $23.27 billion
India posted a record merchandise trade deficit of $23.27 billion in November compared with $10.19 billion a year ago, preliminary data released by the government showed on Wednesday.
India`s merchandise exports rose to $29.88 billion for the month from $23.62 billion in the same period last year, while imports rose to $53.15 billion in November from $33.81 billion last year.
Rupee gains 22 paise against USD
The rupee rose by 22 paise to close at 74.91 against the US dollar on Wednesday as positive economic data and a weak American currency in the overseas markets boosted investor sentiment.
Stronger emerging market currencies, expected foreign fund inflows into IPOs and strong gains in domestic equities also supported the local unit.
At the interbank forex market, the domestic unit opened at 74.96 against the greenback and witnessed an intra-day high of 74.79 and a low of 75.02 during the day's trade. It finally ended at 74.91 a dollar.
Tega Industries IPO fully subscribed within 1 hour
The initial public offer of Tega Industries Limited, manufacturer of consumables for the mining industry, was fully subscribed within one hour of opening on Wednesday. It ended the day with 4.67 times subscription.
The Rs 619.22-crore IPO received bids for 4,46,62,233 shares against 95,68,636 shares on offer, translating into 4.67 times subscription, according to NSE data.
The category for Retail Individual Investors (RIIs) received 7.51 times subscription, while that meant for non-institutional investors got subscribed 4.17 times and Qualified Institutional Buyers (QIBs) 7 per cent.
I-T refunds of over Rs 1.29 lakh cr issued between Apr-Nov
The income tax department on Wednesday said it has issued refunds of over Rs 1.29 lakh crore in 8 months of the current fiscal.
This includes Rs 16,691.50 crore worth refunds to 79.70 lakh taxpayers for Assessment Year 2021-22.
"CBDT issues refunds of over Rs. 1,29,210 crore to more than 1.15 crore taxpayers from 1st Apr 2021 to 29th November 2021," the I-T department tweeted.
Of this, Income tax refunds of Rs 42,981 crore have been issued to over 1.13 crore individual cases, and corporate tax refunds of Rs 86,228 crore issued in 1.93 lakh cases.
FII & DII Data:
Foreign portfolio investors (FPIs) remained net sellers for Rs 2765.84 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 3467.02 crore, provisional data showed on the NSE.
Stocks under F&O ban on NSE
One stock: Indiabulls Housing Finance placed under the F&O ban on Wednesday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
(With inputs from PTI, Reuters and other agencies)
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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