Sensex and Nifty are likely to open on a negative note in Thursday's trade, tracking the weak global cues in the US market and a tepid trend in other Asian markets. The S&P 500 fell 0.2%, its fifth straight session of loss. The Dow Jones Industrial Average finished just barely in the green as the Nasdaq composite fell 0.5%.
The dollar lost ground while oil prices rose in early trade. Mohit Nigam, Head PMS, Hem Securities said, On the technical front, immediate support and resistance in Nifty 50 are 18450 and 18670 respectively. The immediate support and resistance of the Bank Nifty are 42900 and 43400. Rupak De, Senior Technical Analyst at LKP Securities said the momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward, and support at the lower end is pegged at 18,500 18,350. The resistance is visible at 18,670 18,750 on the higher end. Nifty futures on the Singapore Exchange were trading marginally lower, signalling a negative start for the market on Thursday. Nifty futures were trading 14 points lower at 18,662 today.
Asian markets were mostly trading in negative territory. Nikkei was down 208 points to 27,477, the Taiwan weighted index lost 127 points to 14,502 and Kospi fell 18 points to 2364. The Hang Seng gained only 340 pts to 19,155, a gain of 340 pts.
The S&P 500 slipped 7.34 points to 3,933. The Nasdaq fell 56.34 points to 10,958. The Dow was essentially flat at 33,597, a 1.58 point gain. The price of crude oil was 0.41% higher than the price of $77.73 per barrel. The US crude futures stood at $72.63 per barrel.
The index was trading on the higher side after weak action in the US markets. It rose by 0.13% to 105.29, signalling the strength of the US currency in early trade.
Shares of Can Fin Homes and Aptus Value Housing Finance will go ex-dividend today. BLS International Services will turn ex-bonus in the ratio of 1: 1. The board of Yash Innoventures will meet today to discuss a scheme of arrangement. The MFS Intercorp board will meet today to approve quarterly earnings.
Shares of Punjab National Bank, Gujarat Narmada Valley Fertilisers Chemicals Ltd, Indiabulls Housing Finance, and others are disbanded from the F&O segment. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit MWPL. No new positions can be created in the derivative contracts of the security. The prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
FPIs were net sellers of domestic stocks to the tune of 1241.87 crore on Wednesday, according to the provisional data available with the NSE. Domestic institutional investors DIIs were buyers of equities to the tune of 388.85 crore.
The rupee trimmed initial losses and ended up 3paise higher against the US dollar on Wednesday after the Reserve Bank of India RBI raised the repo rate by 35 basis points. The local unit opened at 82.74 and touched an intra-day high of Rs 82.40 and a low of Rs 82.75 against the dollar.