SGX Nifty drops 53 pts: Archean Chemical, Five Star listings, market outlook, corporate actions & more

Domestic stocks are likely to see a choppy start to Monday's trade, ahead of the monthly F&O expiry later this week. Asian markets were trading mostly lower in early trade amid concerns of China Covid cases. All eyes would be on the listings of Archean Chemical Industries and Five Star Business Finance.  Here's what you should know before the Opening Bell: 

Nifty outlook

Nifty traded in a tight range of 18,442-18,210 to eventually settle with marginal losses this past week. On the daily chart, the NSE barometer formed a bearish candle with a long lower wick, suggesting selling was bought into. On the weekly scale, it was the first in seven weeks when the index formed a bearish candle,  but it continued with its higher low formations. Some fatigue is visible and analysts see support for the index in the 18,250-200 range, followed by 18,100.  They find the 18,400-450 range as the key near-term hurdle for Nifty.

SGX Nifty signals a weak start 

Nifty futures on the Singapore Exchange quoted 52.50 points, or 0.29 per cent, lower at 18,295, hinting at a weak start for the domestic market on Monday.

Asian markets fall in early trade

Most Asian markets were trading lower in Monday's trade. Hong Kong's Hang Seng plunged 2.88 per cent, China's Shanghai Composite was down 1.2 per cent, Korea's Kospi fell 1.11 per cent while Japan's Nikkei edged 0.10 per cent lower.  Taiwan's key index fell 0.05 per cent.

US stocks end higher

US stocks settled higher on Friday as investors shrugged off hawkish comments from the US Federal Reserve officials about interest rate hikes. Dow Jones advanced 199.37 points, or 0.59 per cent, to settle at 33,745.69. S&P500 index rose 18.78 points, or 0.48 per cent, to close at 3,965.34. Nasdaq Composite index gained 1.11 points, or 0.01 per cent, to 11,146.06.

Corporate actions today

Monday will see at least 12 stocks such as ONGC, Oil India, Petronet LNG, Cochin Shipyard, Balkrishna Industries, Mazagon Dock Shipbuilders, Natco Pharma and 3M India going ex-dividend. Shares of Easy Trip Planners will go ex-split from face value of Rs 2 to Re 1 each. They will also turn ex-bonus in the 3:1 ratio.

Archean, Five Star to make market debut today

Archean Chemical Industries and Five Star Business Finance will make their market debuts on Monday. Archean Chemical Industries traded at grey market premiums (GMPs) of Rs 125 (price band Rs 386-407) and Five Star at a discount of Rs 2 (price band Rs 450-Rs 474), respectively. The two IPOs ran from November 9 to November 11. Archean Chemical Industries' IPO was subscribed 32.23 times and Five Star Business Finance 70 per cent. 

Stocks in F&O ban

Shares of Balrampur Chini,  BHEL, Delta Corp, GNFC, SUN TV, Indiabulls Housing and Punjab National Bank are banned in the F&O segment today. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

Tata Motors to replace Dr Reddy's in Sensex

Tata Motors will replace Dr Reddy's Laboratories in the 30-share Sensex, said the stock exchange on Friday.  The change will come into effect from December 19, 2022. Sun Pharma remains the only healthcare stock in the Sensex. Adani Power and Indian Hotels will replace Adani Total Gas and Hindustan Petroleum Corp Ltd in the BSE 100 index and the Sensex Next 50 index.

DIIs sell shares worth Rs 549 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 751.20 crore on Tuesday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 890.45 crore.

Rupee gains 37 paise against dollar

The domestic currency fell 10 paise to settle at 81.74 against the dollar on Friday, marking its third straight day of losses, thanks to muted trend in domestic stock market and firm crude oil prices. A weak dollar in the overseas markets restricted the loss, forex traders said. The local unit hit a high of 81.52 and a low of 81.78 during the day.