Market today: Nifty eyes gap-up; CPI, Shree Tirupati IPO listing in focus

Share market today, Sept 12: Indian investors will keep an eye out for the release of India's Index of Industrial Production (IIP) for July and inflation data for August today

Share market today: Indian benchmarks -- Sensex and Nifty -- are likely to edge higher on Thursday, indicates GIFT Nifty futures. 

At 6:42 AM GIFT Nifty futures were up 120.5 points at 25,065.5.

This expectations of a gap-up start comes after a swing session in the US, where tech stocks led the bounce back on Wall Street overnight.

The Dow Jones index closed 0.31 per cent higher, the S&P 500 was up 1.07 per cent and Nasdaq Composite was up 2.17 per cent. 

What drove Wall Street higher Wednesday?

Tech-based indices got a leg-up yesterday after shares of AI chipmaker Nvidia added 8 per cent on report that the US government is considering letting Nvidia export advanced chips to Saudi Arabia.

 

Earlier, the Labor Department reported the consumer price index (CPI) rose 0.2 per cent in August, in line with July. Core CPI, excluding volatile food and energy components, rose 0.3 per cent on a monthly basis, exceeding economist expectations for a 0.2 per cent rise.

This has, however, dented hopes of front-loading of rate cuts in 2024.

Asian markets performance today

Asia-Pacific markets opened mixed. At the last count, Nikkei gained 3.38 per cent, Kospi was up 1.08 per cent and the ASX 200 was up 0.59 per cent. Meanwhile, Hang Seng was unchanged and Shanghai was flat with a negative bias.

Stock market triggers for Thursday, September 12, 2024:

Domestic investors will keep an eye out for the release of India's Index of Industrial Production (IIP) for July and inflation data for August today. These data points will provide important cues for the market's trajectory, especially amid concerns about global economic headwinds.

In the US, market participants will watch out the Producer Price Index (PPI) data for August which will be released today.

In the Asia Pacific markets, Japan's PPI data for August and Bank of Japan's policy board member Tamura Naoki's speech will be on market participants' radar today.

Crude check: Where are oil prices trading today?

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the US, the world's biggest crude producer.

Last seen, Brent crude for November were up 24 cents, or 0.34 per cent at $70.86 a barrel.

Here's how analysts view today's (September 12) trading session

Shrikant Chouhan, Head of Equity Research, Kotak Securities

We are of the view that, the current market texture is weak but fresh sell off is possible only after 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 which, it could bounce back till 25,100-25,150/82,150-82,500.

Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates Ltd.

As long as the index remains below the trend line resistance, which is around the 25,150 level, caution is advised on the upside. On the downside, 34-DEMA support is positioned around 24,750, which will serve as significant support for Nifty in the short term.

For Nifty Bank on the downside, the 100-DEMA support is placed near 50,250, serving as a key level for Bank Nifty. On the upside, the 51,400-51,420 zone acts as a short-term hurdle. A sustainable move above 51,420 could push Bank Nifty towards 51,800-52,000 levels.

Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth

Short term trend remains range bound to weak and pullback towards 25,050-25,100 can be used to exit from trading long positions. On the lower side, Nifty will find support around 24,880 and below that can see further selling that can drag the index towards 24,800/24,750 levels.

Meanwhile, Nifty Bank failed to breach its 50 DMA and saw selling pressure from those levels. On higher side, bank nifty will continue to see strong resistance around 51,400-51,500 levels and a close above that can trigger a short covering move that can take it towards 52,000/52,400 levels whereas on lower side 50,850/50,640 will act as support zone and dip towards those levels can be used to initiate fresh long positions.

IPO watch today: P N Gadgil Jewellers, Shree Tirupati Balajee Agro Trading Company and others in focus

Main Board IPO:

P N Gadgil Jewellers Limited IPO will close for subscription today. On Day 2, the demand remained robust with the issue receiving bids for a total of 11,61,92,123 shares, according to NSE data.

So far, the IPO has received the highest bids from non-institutional investors (NIIs) at 15.74 times the offered amount, followed by Retail Individual Investors (RIIs) at 6.97 times, and Qualified Institutional Buyers (QIBs) at 0.08 times.

Shares of Shree Tirupati Balajee Agro Trading Company Ltd will be listed on NSE and BSE today.

NSE, BSE SME IPOs:

Sodhani Academy of Fintech Enablers Limited IPO will open for subscription today on BSE SME.

Conversely, SPP Polymer Limited IPO and Trafiksol ITS Technologies Limited IPO will close for subscription on NSE SME and BSE SME respectively.

Shares of My Mudra Fincorp Ltd will be listed on NSE under the SME category today.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 11?

As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,755 crore. 

Likewise, the DII's were net buyers of equities worth Rs 230.9 crore.

Here's how the Indian benchmark fared on Wednesday:

Benchmark equity indices ended Wednesday's choppy session in the negative territory, dragged by weak global sentiments, and selling across sectors. 

The BSE Sensex shed 398.13 points or 0.49 per cent to settle at 81,523.16.

Meanwhile, the NSE Nifty50 snapped its 2-session winning streak and dropped 122.65 points or 0.49 per cent to end at 24,918.45.