 "Sensex, Nifty today: Trading guide for Indian stock markets on Sept 13")
Share market today: Indian benchmark indices-- Sensex and Nifty-- are likely to edge higher after hitting record highs in the previous session. At around 7:39 AM, GIFT Nifty futures were up 57 points at 25,391.
Domestic benchmark indices on Thursday closed at record high levels, with gains of over 1 per cent each. While Sensex added 1,439.55 points or 1.77 per cent to settle at 82,962.71. The 30-scrip index surpassed 83,000 for the first time. Nifty50 settled higher at 25,388.90, up 470.45 points or 1.89 per cent. The 50-scrip gauge breached the 25,400 level for the first time.
Further, India's Consumer Price Index (CPI) for August was 3.65 per cent, up from 3.54 per cent in July and slightly above the market expectation of 3.47 per cent. India's industrial production growth slowed marginally to 4.9 per cent month-on-month in March 2024.
US markets' performance on Thursday
The US markets rose as market participants anticipated the Federal Reserve to cut 25 basis points rate in the next policy meeting after marginally more than expected producer price index (PPI) data.
The PPI for final demand rose 0.2 per cent in August against the estimates for 0.1 per cent growth. The core number, which strips out volatile food and energy prices, rose 0.3 per cent, higher than the 0.2 per cent forecast.
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On Thursday, the Dow Jones closed 0.58 per cent higher, followed by the S&P 500 finishing 0.75 per cent higher and the Nasdaq Composite added 1 per cent.
Asian markets performance today
Asia-Pacific markets opened mixed. At the last count, Nikkei lost 0.43 per cent, however, ASX 200 gained 0.46 per cent. Meanwhile, Hang Seng was unchanged and Shanghai was flat with a negative bias.
Global triggers
Market participants in the US await the release of export and import data for August. They are also looking forward to the Fed's policy decision which will be taken next week.
Further, investors will also analyse the rate cut by the European Central Bank (ECB). The ECB lowered its deposit rate by 25 basis points to 3.5 per cent, following up on a similar cut in June as inflation is now within striking distance of its 2 per cent target and the domestic economy is skirting a recession.
Further, investors will also analyse the rate cut by the European Central Bank (ECB). The ECB lowered its deposit rate by 25 basis points to 3.5 per cent, following up on a similar cut in June as inflation is now within striking distance of its 2 per cent target and the domestic economy is skirting a recession.
In the Asia Pacific markets, Korea's export and import data for August, Singapore's unemployment data for Q2, Japan's industrial production data for July, and China's outstanding loan growth data for August will be eyed.
Near home, investors will keep the release of passenger vehicle sales data for August and Foreign Exchange data for September on the radar.
Crude oil steady
On the commodity front, oil prices were steady on the back of output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.
Last seen, Brent crude futures were up by 0.5 per cent, to $72.33 per barrel.
Here's how analysts view today's (September 13) trading session
Shrikant Chouhan, Head of Equity Research, Kotak Securities
We believe that the current market texture is weak but fresh sell is possible only after the dismissal of 20 day SMA (Simple Moving Average) or below 24,900/81,400. Below the same, it could slip till 24,775- 24,725/81000-80800. On the flip side, 25,000/81,800 would be the key levels for the bulls. Above this, it could bounce back till 25,100-25,150/82,150-82,500.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
A long bull candle was formed on the daily chart which has broken above the crucial hurdle and also the range movement around 25,200 levels. Technically, this pattern signals a decisive upside breakout of the important resistance zone at 25,360 (1.382 per cent Fibonacci extension). This is a positive indication.
The sharp upside breakout of Thursday is indicating more upmove for the market ahead. The next upside level to be watched is around 25,800 (1.5 per cent Fibonacci extension) by next week. Immediate support is at 25,200 levels.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty has broken out of a sideways consolidation on the upside. The next leg of the upmove towards 25,500 – 25,700 has begun. The support base shifts higher towards 25100 from a short term perspective.
Nifty Bank also broke out of consolidation on the upside and has started its upmove towards 52,000 – 52,500. Prices are sustained above key daily moving averages, which is a sign of strength. So, there is a case for the momentum to continue over the next few trading sessions.
IPO watch today: Western Carriers, Envirotech Systems, Vision Infra Equipment Solutions and others in focus
Main Board IPO:
Western Carriers (India) Ltd IPO will open for subscription today. It is a book built issue of Rs 492.88 crore. The issue combines a fresh issue of 23.3 million shares aggregating to Rs 400 crore and offer for sale of 5.4 million shares aggregating to Rs 92.88 crore.
NSE, BSE SME IPOs:
Envirotech Systems Ltd IPO and Deccan Transcon Leasing Ltd IPO will open for subscription today on NSE SME. On BSE SME, Popular Foundations Ltd IPO will open for application.
Conversely, Excellent Wires and Packaging Ltd IPO and Innomet Advanced Materials Ltd IPO will close for subscription on NSE SME today.
Shares of Vision Infra Equipment Solutions will be listed on NSE under SME category today.
FII, DII update: How much did FIIs, and DIIs buy or sell on September 12?
As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 7,695 crore.
On the flip side, the DII's were net sellers of equities worth Rs 1,800.54 crore.