Share market today: Mixed global cues, falling crude & RLL listing in focus

Share market today: Mixed Asian markets, RIL getting PLI approval for full 10 GWh battery making facility, crude oil falling 1% below $74, and Raymond Lifestyle IPO, are among triggers that will be on

Share market today: Indian shares are likely to open in the positive territory, as indicated by GIFT Nifty index. At 7:51 AM, GIFT Nifty futures were up 106.5 points at 25,356.5.

Investors in the US will eye multiple data releases today that include challenger job cuts and ADP Employment change for August, among others. They will also focus on the release of the US payroll report on Friday (September 6), as it could decide whether a rate cut expected this month will be big or small.

On market participants' radar today in the Asia Pacific region, markets will be focussing on the release of gross domestic product (GDP) numbers for Q2 in South Korea. 

 

Back home, the market regulator Securities and Exchange Board of India (Sebi) is expected to tighten the norms regulating the F&O derivatives markets. That part, Reliance Industries' (RIL) board will consider the issue of bonus shares in a meeting today. The company has also received PLI approval for the full capacity of 10 GWh for the battery manufacturing facility it is building in Gujarat. 

Crude oil still below $74

On the commodity front, last seen, Brent crude oil was up 0.32 per cent at $72.93 per barrel. US crude had settled down 1.6 per cent at $69.20 a barrel on Wednesday, while Brent had ended 1.4 per cent lower at $72.70 per barrel.

US markets on Wednesday

The US markets closed on a mix note. Dow Jones ended flat with a positive bias, the S&P 500 was down 0.16 per cent, and the Nasdaq Composite was down 0.30 per cent at close.

Asian markets performance today

Asia-Pacific markets followed the US markets' suit and traded mixed. At last count, Nikkei was down 0.56 per cent and ASX 200 was up 0.5 per cent, while Hong Kong's Hang Seng index was down 1.43 per cent and Shanghai was down with a positive bias.

Here's how analysts view today's (September 5) trading session

Shrikant Chouhan, Head of Equity Research, Kotak Securities

For the day traders, 25100/82000 would be the important support zone. As long as it is trading above the same, the pullback formation is likely to continue. On the higher side, immediate resistance would be 25,300-25,350/82,500-82,800. However, the dismissal of 25,100/82,000 could accelerate the selling pressure. Below 25100/82000, the market could retest the level of 25,000-24,470/81,700-81,550.

Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd

From a technical standpoint, the pullback post the setback construes a positive scenario, with strong support being seen around the 25,100-25,080 spot zone for Nifty, followed by the sacrosanct support of the 25,000 mark in the comparable period. On the higher end, the highs of 25,300-25,350 is now expected to be seen as a resistance and an authoritative breach could only open the next leg of the rally towards 25,400-25,500.

Going ahead, it is crucial to stay vigilant about global developments, as they can significantly impact the intermediate trend for our markets. While our domestic market shows strength, it is essential to proceed thoughtfully, adopt a practical approach, and focus on selective stock choices for superior performance.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

There can be some consolidation over the next few trading sessions however the uptrend is still intact. The crucial support zone on the downside is placed at 24,900 – 24,850 and until this zone is not breached on the downside we expect the Nifty to target levels of 25,500 from a short term perspective.

The Nifty Bank consolidated within the range of the previous session. The pullback is on and on the upside, the rally can continue towards 51,900 – 52,000. The support base is placed at 51,100 – 51,000.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 4?

As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 975.46 crore. Likewise, the DII's were net buyers of equities worth Rs 97.35 crore.

IPO watch today: Shree Tirupati Balajee Agro Trading, My Mudra Fincorp opens; Naturewings Holidays closes; Travels and Rentals listing

Main Board IPO:

Shree Tirupati Balajee Agro Trading Company Ltd's initial public offer (IPO) opens for subscription today. The IPO is a book built issue of Rs 169.65 crore.

The issue combines a fresh issue of 14.8 million shares aggregating to Rs 122.43 crore and an offer for sale of 5.67 crore shares aggregating to Rs 47.23 crore.

NSE, BSE SME IPOs:

My Mudra Fincorp Ltd IPO will open for subscription today on NSE under the SME category. It is a book-built issue of Rs 33.26 crore. The issue is entirely a fresh issue of 3.02 million shares.

Naturewings Holidays IPO's subscription window will close today on BSE under the SME category. The IPO is a fixed price issue of Rs 7.03 crore. The issue is entirely a fresh issue of 0.95 million shares.

Shares Travels and Rentals Ltd will be listed on BSE under the SME category. The IPO was subscribed 608.22 times overall.

Here's how the Indian benchmark performed on Wednesday:

Sensex and Nifty finished lower, with Nifty50 giving up its 14-day winning streak, on Wednesday, weighed by negative global sentiments. The BSE Sensex shed 202.80 points or 0.25 per cent to settle at 82,352.64, while the NSE Nifty50 dropped 81.15 points or 0.33 per cent to end at 25,198.70 on Wednesday.