 "Share market today: Global markets, Bajaj Housing IPO, Ola Electric eyed")
Share market today: Indian share markets are likely to open lower, tracking weakness in global stocks that were subdued ahead of the Federal Reserve's interest rate meeting next week. At 6:48 AM GIFT Nifty futures were down 90.9 points at 24,818.5.
In the US this week, investors will eye US non-farm payroll and inflation data that will give a clearer picture of the rate cut scenario by the Federal Reserve. US consumer inflation expectation data for August will be released today.
In the Asia Pacific markets, Japan's gross domestic product (GDP) data for Q2 and China's inflation data for August will be on investors' radar.
Back home, investors will eye the release of India's Index of Industrial Production (IIP) for July and inflation data for August on September 12. These data points will provide important cues for the market's trajectory, especially amid concerns about global economic headwinds. Also, Ola Electric Mobility's month one month lock in will end today.
IPO watch today: Kross, Tolins Tyres, Gala Precision, and Bajaj Housing Finance, among others in focus
Main Board IPO:
Three IPOs will open for application today:
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Kross IPO is a book-built issue of Rs 500 crore. The issue combines a fresh issue of 10.4 million shares aggregating to Rs 250 crore and an offer for sale of 10.4 million shares aggregating to Rs 250 crore.
Another book-built issue of Rs 230 crore, Tolins Tyres' IPO is a combination of a fresh issue of 8.8 million shares aggregating to Rs 200 crore and an offer for sale of 1.3 million shares aggregating to Rs 30 crore.
Meanwhile, Bajaj Housing Finance IPO is a book-built issue of Rs 6,560 crore. The issue is a combination of a fresh issue of 508.6 million shares aggregating to Rs 3,560 crore and an offer for sale of 428.6 million shares aggregating to Rs 3,000 crore.
That apart, Shree Tirupati Balajee Agro Trading Company IPO closes for subscription today. Retail investors have subscribed the fresh issue 8.68 times, while Non-institutional investors (NIIs) have subscribed 13.79 times. Qualified institutional buyers (QIBs), meanwhile, have subscribed 4.46 times on day two of the subscription.
Lastly, shares of Gala Precision Engineering will be listed on the bourses today. The Gala Precision Engineering IPO was subscribed 201.41 times on September 4, 2024. The public issue was over-subscribed 91.95 times in the retail category, 232.54 times in the QIB category, and 414.62 times in the NII category.
NSE, BSE SME IPOs:
Aditya Ultra Steel IPO, Shubhshree Biofuels Energy Limited IPO, Share Samadhan Limited IPO, and Gajanand International Limited IPO are SME IPOs that will open for subscription today.
The subscription window for My Mudra Fincorp Limited IPO will close today and shares of Jeyyam Global Foods IPO will be listed on the NSE under the SME category today.
Crude oil below $72
Oil prices found some support after suffering their biggest weekly fall in 11 months last week amid persistent concerns about global demand. Last seen, Brent crude oil was up 0.49 per cent at $71.82 per barrel.
US markets on Friday
The US markets slipped on Friday, with the Dow Jones closing down 1.01 per cent and the S&P 500 closing down 1.73 per cent. Meanwhile, the Nasdaq Composite was down 2.55 per cent at close.
Asian markets performance today
Share markets in the Asia-Pacific region followed the US markets' suit and were trading lower on Monday. At last count, Japan's Nikkei had shed 3.06 per cent, while Australia's ASX 200 was down 0.83 per cent. Hong Kong's Hang Seng index was unchanged and Shanghai was down with a negative bias.
Here's how analysts view today's (September 9) trading session
Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One
On the level-specific front, the 25000 mark now seems to be a critical resistance zone, and a breakthrough could bring back positive momentum in the Nifty. On the other hand, the negative crossover on the technical indicators suggests a potential continuation of profit-taking; 24600-24500 is likely to serve as a positional support level for the benchmark in the upcoming week.
Ajit Mishra – SVP, Research, Religare Broking
Technically, the recent decline in Nifty has disrupted the index's upward momentum, pushing it below its short-term 20-day exponential moving average (DEMA). The next significant support level is around 24,500, aligned with the 50 DEMA. In the event of a recovery, the 25,100-25,350 range is likely to serve as a strong resistance zone. Sectorally, defensive stocks like FMCG and pharma are expected to show resilience during this correction, while other sectors, especially PSU stocks, may face continued selling pressure as they exhibit signs of a breakdown from a distribution pattern.
Traders are advised to manage their positions carefully on both the long and short sides and avoid averaging down on loss-making trades during this uncertain phase.
Ravi Nathani, Independent Analyst
The best trading strategy for both traders and investors is to buy on dips, especially around the support levels of 24,710 and 24,550. These levels represent strong support, and any dips near these points offer good buying opportunities, especially if the range of 24,800 to 25,000 is breached. On the other hand, if the index breaks and closes above 25,000, it could trigger further bullish momentum.
In this scenario, the next resistance levels to watch for are 25,333, 25,550, 25,760, and 25,925. The overall trend remains bullish, and buying on dips continues to be the most advisable strategy for short-term traders. In summary, traders should look for buying opportunities around the 24,710 and 24,550 support levels, and if the index breaks above 25,000, it could target higher resistance zones, indicating continued upward momentum.
FII, DII update: How much did FIIs, and DIIs buy or sell on September 6?
As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 620.95 crore, while DII's were net buyers of equities worth Rs 2,121.53 crore.
Here's how the Indian benchmark performed on Friday:
Indian benchmark indices BSE Sensex and Nifty 50 slipped more than 1 per cent each to close deep in the red on Friday, as the Indian markets were buffeted by regulatory headwinds, while some investors likely booked profits at record levels before the release of US jobs and payrolls data later in the day in the US.
At close, the BSE Sensex was down 1,017 points, or 1.24 per cent, at 81,183.93, while Nifty 50 was at 24,852.15, down 292.95 points, or 1.17 per cent.