SGX Nifty climbs higher on Thursday morning; 5 things to know before today’s opening bell

FIIs and DIIs were both net buyers of domestic equities on Wednesday. (Image: REUTERS)

On Thursday morning, SGX Nifty was up 80 points, hinting at a positive start for equities on the weekly expiry session. Global cues were also positive with almost all major Asian stock indices mirroring Wall Street’s positive momentum during the early hours of trade. The index might look to resume an upward trend, a day after benchmark indices closed in separate directions. S&P BSE Sensex and Nifty rebounded from intra-day lows during the dying hours of trade but only the 50-stock Nifty managed to turn positive. Sensex settled at 51,849 points on closing while Nifty was at 15,576. Broader markets outperformed.

Global cues: On Wall Street, NASDAQ gained 0.14%, followed by S&P 500 and the Dow Jones. Among Asian stock markets, Hang Seng was down in the red with marginal losses while Shanghai Composite, Nikkei 225, TOPIX, KOSPI, and KOSDAQ were all surging higher.

Technical take: Nifty recovered all intra-day losses to settle in the green on Wednesday. “A small positive candle was formed with long lower shadow, which indicates a buy on dips opportunity in the market. This also indicates a lack of selling enthusiasm in the market after a sharp rise and at the new highs. This is a positive indication,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch out for: Nifty has managed to stay above 15,500 levels. “Nifty is in a sharp uptrend which means that one day decline is over and the market is likely to trade higher. We are looking at 15,775-15,800 once we trade above 15660, this could be achievable in the next couple of days,” said Manish Shah, Founder, Niftytriggers. “For expiry, we can target a rally to 15,690-15,725,” he added.

FII and DII trades: Foreign Institutional Investors (FII) resumed pumping money into domestic securities on Wednesday. FIIs were net buyers of Rs 921 crore worth of stocks. Domestic Institutional Investors (DII) were also net buyers, buying shares worth Rs 241 crore. 

Results today: General Insurance Corporation of India, APL Apollo Tubes, Gujarat State Petronet Ltd, Quess Corp, Nucleus Software Exports, Arvind Fashions, Kovai Medical Center & Hospitals, GTL Infrastructure, TGV SRACC Ltd, Roto Pump, and Cupid Ltd are some of the companies that will announce their quarterly results today.