Share Market Today: Global markets' rebound, P N Gadgil Jewellers IPO eyed

Share Market Today: Global markets bounce back, Adani Group turns the heat on Bangladesh, P N Gadgil Jewellers IPO opens today

Share market today: Domestic benchmark indices BSE Sensex and Nifty 50 are likely to open flat to positive, tracking a rebound in global stocks that were climbing about the sharp rally in US stocks on Monday. At 6:54 AM, GIFT Nifty futures were up 46.5 points at 25,040.5, indicating a higher open for India markets.

In terms of broad cues, investors awaited inflation data and the Federal Reserve's policy decision next week in the US, while in the Asia-Pacific markets, China's export and import data for August were on investors' radar.

Back home too, investors will keep an eye out for 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 impetus for the market's trajectory, especially amid concerns about global economic headwinds. Meanwhile, Goods and Services Tax (GST) Council recommends Group of Ministers (GoM) on life and health insurance related GST; to submit report by end of October 2024.

 

Crude oil climbs

Last seen, Brent crude oil was up 0.19 per cent at $71.98 per barrel.

US markets on Monday  

The US markets closed in green on Monday, with the Dow Jones gaining 1.20 per cent, the S&P 500 climbing 1.16 per cent and the Nasdaq Composite index closing 1.16 per cent higher.

Asian markets performance today
 

Markets in the Asia-Pacific region followed the US markets' suit and edged higher. At the last count, the Nikkei was  up 0.25 per cent, while South Korea's Kospi was aheady by 0.10 per cent and Australia's ASX 200 was up 0.68 per cent. Meanwhile, Hong Kong's Hang Seng index was unchanged and Shanghai was flat with a negative bias.

Here's how analysts view today's (September 10) trading session

Vinod Nair, Head of Research, Geojit Financial Services

The market is currently attempting to gain stability between potential rate cuts and recession fears in the US. The current trend in the US job data suggests that the anticipated 25 basis points (bps) rate cut may not be sufficient. Moreover, the upcoming data on US inflation and jobless claims will be decisive in assessing the market trend.

Rupak De, Senior Technical Analyst at LKP Securities

Technically, Nifty remains a sell on the rise as long as it remains below 25,100. On the higher end, the 25,000-25,100 range may act as crucial near-term resistance, where sellers could re-enter. On the lower end, support is placed at 24,800-24,785, below which selling might increase.

IPO watch today: P N Gadgil Jewellers, SPP Polymer, Trafiksol ITS Technologies opens; My Mudra Fincorp closes; Naturewings Holidays to list

Main Board IPO:

The initial public offer (IPO) for P N Gadgil Jewellers opens for subscription on Tuesday, September 10. It is a book-built issue of Rs 1,100 crore, which combines a fresh issue of 17.7 million shares aggregating to Rs 850 crore and an offer for sale of 5.2 million shares aggregating to Rs 250 crore.

NSE, BSE SME IPOs:

SPP Polymer Ltd IPO and Trafiksol ITS Technologies Ltd IPO will open for subscription today on NSE SME and BSE SME, respectively.

Meanwhile, the subscription windows for Vision Infra Equipment Solutions Ltd IPO will close today on the NSE SME.

That apart, Naturewings Holidays Limited IPO will be listed today on the BSE under the SME category.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 9?
 

As per data from the NSE, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,176.55 crore, while DII's net bought equities worth Rs 1,757.02 crore on Monday.

Here's how the Indian benchmark performed on Monday:

Indian equity benchmark indices BSE Sensex and Nifty 50 ended Monday's trading session higher. BSE Sensex closed up 375 points, or 0.46 per cent higher, at 81,560, while the Nifty 50 finished up 84 points, or 0.34 per cent, at 24,936.