Sustained foreign inflows have been helping stock markets reach new highs repeatedly.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty continued their record smashing run on Wednesday, gaining over 1% each. S&P BSE Sensex breached 46,100 for the first time in history to mark its highest ever closing, the 50-stock Nifty crossed 13,500. On Thursday morning, global cues were negative with SGX Nifty trading 59 points lower. Equity indices on the Wall Street closed Wednesday’s trading session in the red with NASDAQ tanking nearly 2%. Major Asian stock markets, taking cues from their North American peers, were trading with losses on Thursday morning. Shanghai Composite, Hang Seng, TOPIX, and KOSPI were in the red. KOSDAQ traded with gains.
The government is looking to sell 20% of its stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an Offer For Sale (OFS) beginning today. IRCTC informed the bourses that the promoter is looking to sell 2.4 crore equity shares of IRCTC with an option to sell an additional 80 lakh shares at a price of Rs 1,367 per share. The floor price is at a 15% discount to the closing price of Wednesday. The OFS will open for non-retail investors from December 10 while for retail investors, the offer will open from December 11. Shares of IRCTC have zoomed 107% since listing in 2019.
Highlights
For the December series, maximum Call Open Interest (OI) is placed at 13,000 strike with 25.15 lakh contracts, followed by 18.76 lakh contracts at 13,500 strike. For the weekly expiry today, maximum Call OI is at 13,600 strike with 35.83 lakh contracts.
The Nifty has been continuously moving higher almost for six weeks after finding support at the 50-day SMA. The Nifty also remains above the 20 day SMA. While the long term uptrend is intact and long term momentum readings are not overbought, the short term momentum readings like the 14-day RSI have entered overbought territory as it is currently at 78.93. Also the rise seen in the last two weeks has almost been vertical.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Thursday, as suggested by trends on SGX Nifty. Nifty futures were trading 64 points lower at 13,529 on Singaporean Exchange. In the previous session, headline indices scaled to fresh highs fuelled by foreign fund inflows and positive cues from global markets.
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With India charting a strong economic recovery and showing signs of taming the spread of infections, equity strategist Chris Wood has found more reasons to be bullish on India. This week the global equity strategy head at Jefferies will increase India’s weightage in Greed & Fear’s Asia Pacific ex-Japan relative-return portfolio by one percentage point. This is despite the domestic stock market trading at premium valuations, which he says has a tendency to decline.
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"Further uptrend may continue which could lift the index to 13665. However, on intraday time frame, the index is in an overbought zone and high chances of an immediate correction is not ruled out if index trades below 13450. Hence, dismissal of 13450 could possibly open correction wave up to 13400-13350. Banking and FMCG stocks will be on focus for next few trading sessions," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
India’s largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021. Last month, TCS shareholders had approved a proposal to buy back up to 5,33,33,333 equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.
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The government is looking to sell 3.2 crore equity shares of IRCTC through an offer for sale begining today. The floor price of the OFS has been set at Rs 1,367 per share a 15% discount to yesterday's closing price. The OFS will open for non-retail investors today.