Stock market today: Sensex, Nifty at record; Premier Energies IPO listing

Share Market Today, Tuesday, September 3, 2024: Baazar Style IPO, Premiere Energies IPO, economic data across countries to be on investors' radar today

Stock market today: The Indian share market is likely to open flat. At 6:40 AM GIFT Nifty futures were up 19.2 points at 25,357.5.

On Monday, September 2, the Sensex and Nifty50 finished the week's first trading session at record high closing levels. The BSE Sensex added 194.07 points or 0.24 per cent to end at 82,559.84. The index hit an all-time high of 82,725.28 during the intra-day trade.

Meanwhile, the Nifty50, too, closed higher at 25,278.70, up 42.80 points or 0.17 per cent. The index hit an all-time high of 25,333.65 during the day.

Amid lack of key domestic triggers, the release of S&P Global Manufacturing PMI for August in the US and Canada will be on investors' radar today.

 

Besides, investors will eye the release of August inflation data in South Korea.

On the commodity front, last seen, Brent crude oil was down 0.41 per cent at $77.21.

Sebi chief under scanner

After the Congress alleged that Sebi chief Madhabi Puri Buch was drawing salary from ICICI Bank, despite being the head of the stock market's regulatory body, Subhash Chandra, chairman emeritus, Zee Entertainment Enterprises claimed that Sebi chairperson is corrupt. READ MORE

IPO watch today: Baazar Style Retail, Boss Packaging Solutions closes; Naturewings Holidays opens; Premier Energies, Jay Bee Laminations, Vdeal System, and Indian Phosphate listing

IPO Latest news: Market regulator Securities and Exchange Board of India (Sebi) put JSW Cement’s $477 million IPO in 'abeyance'.

Main Board IPO:

The three-day subscription window to bid for the Bazaar Style Retail IPO, available at a price band of Rs 370-389 and a lot size of 38 shares, closes today.

Shares of Premier Energies IPO will be listed on the bourses today. According to market sources tracking grey market activity, Premier Energies' shares are trading at a premium of Rs 480 over the upper end of the IPO issue price of Rs 450.

NSE, BSE SME IPOs:

Naturewings Holidays IPO will open for subscription 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.

Boss Packaging Solutions IPO's subscription window will close today. The allotment for the IPO is expected to be finalised on Wednesday, September 4, 2024. Boss Packaging Solutions IPO will list on NSE SME with a tentative listing date fixed as Friday, September 6, 2024.

Shares of Jay Bee Laminations, Vdeal System, and Indian Phosphate will be listed on NSE under the SME category today.

How are Asian markets performing today?

Asia-Pacific markets are trading mixed today. At the last count, Nikkei was up 0.59 per cent, Kospi was up 0.16 per cent, and ASX 200 was down 0.27 per cent. Meanwhile, Hang Seng and Shanghai were unchanged.

Meanwhile, the US markets were closed on Monday, September 2 because of Labor Day.

Here are the key levels that stock market analysts suggest investors track in today's (September 3) trading session

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

A small negative candle was formed on the daily chart with a minor lower shadow. This chart pattern is indicating a gradual upside momentum in the market with narrow range movement. The market has been surging higher recently with weak overall breadth. This is not a good sign.

The short-term trend of Nifty is intact. Though Nifty is placed at the hurdles of around 25350 levels (1.382 per cent Fibonacci extension), still there is no indication of any significant reversal pattern building at the highs. A decisive move only above 25400 could open the next upside target of 25800 levels. Immediate support is placed at 25100.

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

The gravity-defying winning streak of the bulls looks enticing, but the trading range and market breadth certainly showcase exhaustion. Additionally, the technical parameters are very much compliant with over-bought parameters, and hence, a cautious stance with regular profit booking is advisable at the current juncture. As far as levels are concerned, the bullish gap of 25200 is likely to cushion any shortcoming, followed by the strong support of the psychological mark of 25000 in the comparable period. On the flip side, 25350-25400 is to be seen as an intermediate hurdle, followed by 25500 in the near period.

Going forward, it is advisable to take a pragmatic approach and refrain from getting carried away by the Nifty's winning streak. Maintaining exclusivity while stock selection and staying light on positions is recommended. Furthermore, closely monitoring the global markets, which have significantly impacted our market's initial tone, is essential.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

On the upside, we expect Nifty to target levels of 25500. On the downside the crucial support base is placed at 25210 – 25120 is the crucial support base where the key hourly moving averages are placed. We shall continue to ride the upmove with a trailing stop loss mechanism.

The Nifty Bank showed some signs of revival however sustainability is a question mark given the weakness in the heavyweights of the index. PSU bank showed signs of resumption of an upmove and could witness positive action over the next few trading sessions. In terms of levels, 51580 – 51700 is the immediate hurdle while 51000 – 50900 is the crucial support zone from a short term perspective.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 2?

As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,735.46 crore.

Likewise, the DII's were net buyers of equities worth Rs 356.37 crore.

Here's how the Indian benchmark performed on Monday:

Sensex and Nifty finished the week's first trading session at record high closing levels. The BSE Sensex added 194.07 points or 0.24 per cent to settle at 82,559.84. The index hit an all-time high of 82,725.28 during the intra-day trade. 

Meanwhile, mirroring the Sensex, Nifty50 too settled higher at 25,278.70, up 42.80 points or 0.17 per cent. The index hit an all-time high of 25,333.65 during the intra-day trade on Monday.