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Market Outlook: Global Weakness Weighs on Indian Shares
Indian share markets are poised for a lower start today, mirroring global market sentiments, as investors anticipate the Federal Reserve’s upcoming interest rate decision. At 6:48 AM GIFT, Nifty futures dipped by 90.9 points, standing at 24,818.5.
In the U.S., attention will be on non-farm payroll and inflation data expected this week, which may hint at a potential rate cut by the Federal Reserve. Meanwhile, Asia-Pacific investors are set to scrutinize Japan’s Q2 GDP data and China’s August inflation figures.
Domestically, significant economic indicators include India’s Index of Industrial Production (IIP) for July and inflation data for August, both due on September 12. Additionally, the month-end lock-in period for Ola Electric Mobility concludes today.
IPO Highlights:
Three IPOs open for subscription today:
- Kross IPO aims to raise Rs 500 crore, split equally between a fresh issue and an offer for sale.
- Tolins Tyres IPO targets Rs 230 crore, combining new shares worth Rs 200 crore and an offer for sale of Rs 30 crore.
- Bajaj Housing Finance IPO plans to generate Rs 6,560 crore, with Rs 3,560 crore via new shares and Rs 3,000 crore from an offer for sale.
The Shree Tirupati Balajee Agro Trading Company IPO closes today, showing strong subscription rates across categories. Shares of Gala Precision Engineering, whose IPO saw massive over-subscription, will list today.
Several NSE, BSE SME IPOs open for subscription today, including Aditya Ultra Steel and Shubhshree Biofuels Energy Limited. Meanwhile, the My Mudra Fincorp IPO subscription window closes today, and Jeyyam Global Foods will be listed under the SME category.
Market Analysis and Predictions:
Oil prices saw a slight rebound, with Brent crude up 0.49% at $71.82 per barrel. U.S. markets ended last week lower, with the Dow Jones down by 1.01%, S&P 500 by 1.73%, and Nasdaq by 2.55%. In Asia, the Nikkei dropped 3.06%, ASX 200 fell 0.83%, and Shanghai trended negative.
Technical analysts suggest that while the Nifty faces resistance at the 25,000 mark, a positive breakout could spur momentum. Key support levels are identified at 24,600-24,500. Traders are advised to manage positions cautiously and consider buying on dips, particularly around the 24,710 and 24,550 support levels, to capitalize on potential upward movements.
Institutional Activity:
On September 6, Foreign Institutional Investors (FIIs) were net sellers of Rs 620.95 crore in Indian equities, while Domestic Institutional Investors (DIIs) bought Rs 2,121.53 crore.
On the previous trading day, Indian benchmarks BSE Sensex and Nifty 50 fell over 1%, influenced by global uncertainties and profit-booking. The Sensex closed at 81,183.93, down 1.24%, and Nifty 50 ended at 24,852.15, down 1.17%.
Original Story https://www.business-standard.com/markets/news/share-market-today-global-markets-bajaj-housing-ipo-ola-electric-eyed-124090900066_1.html
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