Market today: Dow, S&P500 at record high, Israel war, Manba IPO last day

Dow Jones and S&P 500 closed at record highs with a surge in mining stocks, buoyed by China's stimulus package

Share market today, Wednesday Sept 25: The Indian share market is likely to open flat today after scaling new heights in Wednesday's session. The BSE Sensex crossed the 85,000-mark for the first time and the NSE Nifty surpassed the 26,000 level.  

The 30-stock gauge touched a fresh all-time high of 85,163 intraday, while the Nifty50 hit 26,012.

The indices, however, ended slightly lower. Sensex was flat with a neagtive bias by 0.02 per cent or 14.57 points at 84,914.04, while Nifty was flat with a positive bias at 0.01 per cen or 1.35 points at 25,940.4.

At around 6:45 AM, GIFT Nifty futures were down 4.7 points at 25,940.

 

US markets on Tuesday

A report from the Conference Board showed an unexpected decline in US consumer confidence in September, which trimmed gains in the early trade.

The board's consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021.

However, the Dow Jones and S&P 500 closed at record highs with a surge in mining stocks, buoyed by China's announcement of a sweeping stimulus package. 

The Dow Jones finished 0.20 per cent higher, the S&P 500 closed up 0.25 per cent, and Nasdaq Composite ended 0.56 per cent higher.

Asian markets today

Asia-Pacific markets were muted today. At the last count, Nikkei was up 0.01 per cent higher, ASX 200 was up 0.08 per cent, Hang Seng was unchanged, and Shanghai was flat with a negative bias. Meanwhile, Kospi was up 0.14 per cent.

Global triggers

Globally, geopolitical tensions in the Middle East will be closely watched.

An Israeli airstrike on Beirut killed a senior Hezbollah commander on Tuesday as crossborder rocket attacks by both sides increased fears of a fullfledged war in the West Asia.

Israel's military said the airstrike on the Lebanese capital killed Ibrahim Qubaisi, who it said was the commander of Hezbollah´s missiles and rocket force.

In the US today, among others, New Home sales data for August and American Petroleum Institute (API) Crude Oil Stock Change data for September will be eyed.

Meanwhile, in the Asia Pacific markets, today, Korea's Consumer confidence data for September will be on investors' radar.

Crude oil check

On the commodity front, last seen, Brent crude futures were down 0.13 per cent to $75.07 per barrel.

Here's how analysts view today's (September 25) trading session

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty is trading at a crucial psychological level and there is a loss of momentum on the upside we expect some consolidation in the near term. On the downside, support is placed at 25,800 – 25,750 while the immediate hurdle zone is at 26,100 – 26,150.

Nifty Bank has reached the 54,000 mark and is witnessing some profit bookings at higher levels. Momentum setup suggests exhaustion and hence we expect a range bound movement in the Bank Nifty between 54,500-53,500 from a short term perspective. The overall trend remains positive.

Tejas Shah, Technical Research, JM Financial & BlinkX

The candlestick (DOJI) pattern formed on the daily chart is not an encouraging one. Presently, Nifty is trading around the psychological resistance of 26,000 and there is a possibility of profit booking from this resistance in the next couple of days since some of the technical indicators are in overbought territory on the short term (hourly) charts that could lead to knee-jerk reactions, from time to time. However, the broader set-up continues to be bullish, and hence, post some consolidation/correction, we should see more upside. Support for Nifty is now seen at 25,850 and 25,650-700. On the higher side, immediate psychological resistance is at 26,000.

Nifty Bank closed above the major resistance zone of 53,350-53,400 and accordingly, we expect an upward trending activity to continue and it should move towards the next resistance level of 54,500 either continuously from the current levels or maybe after a minor dip. On the downside, the support zone lies at 53,700-800 / 53,300-400 while the resistance is seen at 54,200-250 / 54,500.

Shrikant Chouhan, Head of Equity Research, Kotak Securities

We are of the view that the short-term market texture is still on the positive side, but due to temporary overbought environments, we could see range bound activity in the near future. For the bulls now, 25,850-25,800/84,600-84,500 would act as a key support zones while 26,050-26,100/85,300-85,500 would be the key profit booking areas for the day traders. However, below 25,800/84,500 uptrend would be vulnerable.

IPO watch: KRN Heat Exchanger, Manba Finance and others in focus

Mainboard:

KRN Heat Exchanger and Refrigeration Ltd's initial public offer (IPO) will open for subscription today. The IPO is a book built issue of Rs 341.95 crore. The issue is entirely a fresh issue of 15.5 million shares.

Conversely, the subscription window for Manba Finance Ltd IPO will close today. The IPO of Manba Finance was subscribed 73.18 times on the second day of the share sale on Tuesday. It received bids for 64,39,20,375 shares against 87,99,000 shares on offer, as per NSE data.

NSE, BSE SME IPO:

TechEra Engineering Ltd IPO, Unilex Colours and Chemicals Limited IPO, and Thinking Hats Entertainment Solutions Ltd IPO will open for subscription on NSE SME.

On the other hand, WOL 3D India Ltd IPO and Rappid Valves (India) Ltd IPO will close for subscription on NSE SME today.

Shares of Paramount Speciality Forgings will be listed on NSE SME today.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 24?

As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,784.14 crore. 

On the flip side, the DII's were net buyers of equities worth Rs 3,868.31 crore.