SGX Nifty sheds 57 points: Adani Green Q2, Nykaa lock-in expiry, Kaynes Tech IPO & more

 

Domestic stocks are likely fall, tracking an overnight drop in US stocks, following the results of US midterm elections. Asian markets were trading mostly lower and a weak day looks likely for domestic indices. All eyes would be on dozens of corporate earnings and the IPO of Kaynes Technologies that will kick start later today. Here's what you should know before the Opening Bell:  

Nifty outlook

Nifty on Wednesday formed a long bearish candle on the daily chart at the swing high of 18,296 level, which indicates an inability of bulls to sustain the highs.  Nagaraj Shetti of HDFC Securities said that after sustaining above the hurdle of around 18,175 on Monday, the market failed to sustain above it and that there is a possibility of further consolidation or minor downward correction in the next one or two sessions.

SGX Nifty signals a weak start 

Nifty futures on the Singapore Exchange quoted 56.5 points, or 0.31 per cent, lower at 18,137, hinting at a weak start for the domestic market on Thursday.

Asian markets mirror US losses

Most Asian markets were trading lower in early trade on Thursday. Japan's Nikkei fell 1.25 per cent, China's Shanghai Composite declined 0.81 per cent, Hong Kong's Hang Seng plunged 2.41 per cent, Korea's Kospi dropped 0.48 per cent while Taiwan's key index slipped 0.94 per cent. 

US stocks settle sharply lower

US stocks settled sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes, Reuters reported. Dow Jones fell 1.95 per cent, S&P500 declined 2.08 per cent while Nasdaq Composite slipped 2.48 per cent.

Q2 results today

Adani Green Energy, Eicher Motors, Apollo Hospitals, Page Industries, Zomato, Trent, Jindal Steel and Power, Indian Hotels, SAIL, Gujarat Gas, IRFC, Power Finance Corp, Torrent Power and Bata India are among companies that will announce their quarterly results today.

Corporate actions today

Thursday will see shares of FSN E-Commerce Ventures (Nykaa) trading ex-bonus and four other stocks namely Gillette India, LT Foods, Dalmia Bharat and Share India Securities going ex-dividend. Steel Strips Wheels will trade ex-stock split today, as per BSE. 

Kaynes Tech IPOs to open today

Kaynes Technology initial public offer (IPO) will open for subscription on Thursday. The issue, which consist of a fresh issue aggregating Rs 530 crore and an offer for sale of up to 5,584,664 shares, will be sold in the Rs 559-Rs 587. It will conclude on November 14.

Stocks in F&O ban

Shares of Punjab National Bank are banned in the F&O segment today. Derivative contracts in a security is banned when it crosses 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.

DIIs sell shares worth Rs 1,060 crore

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 386.83 crore on Wednesday. Domestic institutional investors (DIIs), on the other hand, were sellers of equities to the tune of Rs 1,060.12 crore.

Rupee rises 45 paise against dollar

The rupee appreciated by 45 paise to close at 81.47 against the dollar on Wednesday amid fall in crude oil prices, dollar weakness and sustained foreign fund inflows. The domestic currency hit a high of Rs 81.23 and low of Rs 81.62 during the session.

Also read: Wall Street ends lower after midterm election, CPI in focus; S&P 500, Nasdaq down over 2%

Also read: HPCL, IOC & BPCL log combined loss of Rs 21,000 crore in H1. What should OMC investors do?