Domestic stocks are likely to see a negative impact on Wednesday's trade due to weak cues from other Asian markets. If a spike in crude oil prices and wild currency movements happens, a new round of profit booking could be made, according to analysts. The markets debut of Global Health and Bikaji Foods International would be all eyes on. Nifty formed a small bearish candle on the daily chart, which indicated indecisiveness among the bulls and bears. Shrikant Chouhan of Kotak Securities said that 18,250 and 18,200 would be key support zones for the index. Any further upside could lift the index up to 18,500, he said, adding that any uptrend would be vulnerable below the 18,200 level.
The Singapore Exchange futures quoted 77.50 points, or 0.42 per cent, lower at 18,417, suggesting a weak start for the domestic market on Wednesday.
Asian markets were mostly down Wednesday due to emerging geopolitical risks due to the Ukraine-Russia war. Japan's Nikkei 225 lost 0.69 per cent to 27,795. Hong Kong's Hang Seng fell 0.66 per cent to 18,222. Korea's Kospi fell by 0.74 per cent to 2,460. The Shanghai Composite edged lower.
Wall Street shares gained on Tuesday after investors seized on softer-than-expected inflation data that raised hopes of a pullback in the US Fed rate hikes. Dow Jones was up by 56.22 points, or 0.17 per cent, to 33,592. S&P 500 rose 34.48 points, or 0.87 per cent, to 3,991. The Nasdaq Composite gained 16.2.19 points, or 1.45 per cent, to 11,358. At least three stocks namely CAMS, Bhagiradha Chemicals and QGO Finance will go ex-dividend on Wednesday. Today, the shares of Motherson Sumi Wiring will go ex-bonus in 2: 5 ratio. Shares of Pressure Sensitive Systems will go ex-split from face value of 10 to 1 per share.
Bikaji Foods International and Global Health will make their market debuts on Wednesday. Bikaji Foods traded at grey market premiums GMPs of Rs 23 price band Rs 285-300 and Global Health at Rs 22 price band Rs 319 -- 336 respectively. The two IPOs ran from November 3 to November 7. Bikaji's IPO was subscribed 26.67 times and 9.58 times to Global Health.
The shares of BHEL, Delta Corp, GNFC, SUN TV and Punjab National Bank have been banned 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 221.32 crore on Tuesday, according to the NSE's provisional data. Domestic institutional investors DIIs sold equities to the tune of 549.28 crore.
The rupee was up 37 paise to reach 80.91 against the dollar on Tuesday, on the back of encouraging inflation data and weak dollar. A firm trend in domestic equities and easing crude oil prices supported the domestic currency, according to traders. The local unit opened at 81.18 and touched an intra-day high of 80.91 and a low of 81.45 against the dollar.
On the last day of bidding, 55 times occurred.