Nifty futures were trading 41 points down at 11,868 on Singaporean ExchangeShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open in the negative territory on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 41 points down at 11,868 on Singaporean Exchange. In the previous session, headline indices gained up to one per cent. Market participants will keenly watch the rising coronavirus cases, corporate earnings for stock-specific action, oil prices, rupee movement and other global cues to set the market direction. In the early trade, Asian stock markets were trading lower. Japan’s Nikkei 225 declined 0.34 per cent while the Topix index also shed 0.44 per cent. South Korea’s Kospi was 0.56 per cent lower. In the overnight trade on Wall Street, US stocks ended lower. The Dow Jones Industrial Average fell 1.44 per cent, the S&P 500 lost 1.63 per cent and the Nasdaq Composite 1.65 per cent.
The Rs 518-crore Equitas Small Finance Bank initial public offer (IPO) will open for subscription on today, October 20, 2020. The company has fixed a price band of Rs 32-33 per share and the issue will close for subscription on October 22. The total issue size includes an offer for sale (OFS) of up to 7.20 crore equity shares by promoter Equitas Holdings Ltd. and fresh issue of up to 8.5 crore equity shares at Rs 33 per share of which Rs 1 crore is reserved for employee portion and Rs 51 crore reserved for EHL shareholder portion.
Highlights
The market is likely to be in a consolidation mode. Overall the technical setup also suggests bounce may be seen but multiple hurdle and supply pressure at higher zones could restrict Nifty’s upside momentum. Now, Nifty has to hold above 11800 to witness an up move towards 12000 while support exists at 11750-11650 levels: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market. Brent crude LCOc1 futures fell 30 cents, or 0.7%, to $42.32 a barrel by 0149 GMT, after falling 31 cents on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 26 cents, or 0.6%, to $40.57 a barrel, after losing 5 cents on Monday. (Reuters)
Post the hiccup seen in the last week, the Nifty is back to the safer zone and the immediate support base has now shifted higher at 11780-11820. On the higher side, the resistance is seen around the 12000 mark and once this is taken out, our markets would again gear for the next leg of the rally. Traders are advised to trade with a positive bias and look for such sectors which are in momentum and are providing good trading opportunities: Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)
The short term trend of Nifty continues to be positive. There is a possibility of further 1-2 day's of upmove before showing minor downward correction from the highs. The upper 11950-12000 is going to be an overhead resistance for the short term. Immediate support is placed at 11780: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Domestic benchmark indices clocked the second day of gains on Monday as equity markets followed their global peers and moved higher. S&P BSE Sensex ended Monday’s trading session 448.62 points or 1.12% higher while the 50-stock Nifty 110 points to close at 11,873 mark. “A small body of negative candle was formed with gap up opening with long lower shadow and the opening upside gap remains unfilled. Technically, this pattern indicates a continuation of upside bounce in the market amidst a range movement,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that unless Nifty crosses 12,025 levels, profit booking can not be ruled out from highs.
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The Rs 518-crore Equitas Small Finance Bank initial public offer (IPO) will open for subscription on Tuesday, October 20, 2020. The company has fixed a price band of Rs 32-33 per share and the issue will close for subscription on October 22. The total issue size includes an offer for sale (OFS) of up to 7.20 crore equity shares by promoter Equitas Holdings Ltd. and fresh issue of up to 8.5 crore equity shares at Rs 33 per share of which Rs 1 crore is reserved for employee portion and Rs 51 crore reserved for EHL shareholder portion.
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In the overnight trade on Wall Street, US stocks ended lower. The Dow Jones Industrial Average fell 1.44 per cent, the S&P 500 lost 1.63 per cent and the Nasdaq Composite 1.65 per cent.
In the early trade, Asian stock markets were trading lower. Japan’s Nikkei 225 declined 0.34 per cent while the Topix index also shed 0.44 per cent. South Korea’s Kospi was 0.56 per cent lower