Nifty to fall below 17400 or bears to take a back seat- 8 things to know before share market opening bell
时间:2024-06-02 02:22:05 阅读（143）
Indian benchmark indices are likely to open on a negative note on weekly F&O expiry, hinted SGX Nifty. Ahead of the session, Nifty futures traded 93 pts or 0.53% lower at 17606 level on the Singapore Exchange. In the previous session, BSE Sensex closed 158 points or 0.27% higher at 59,708, while NSE Nifty 50 fell 46 points to 17,616. “Markets will react to the outcome of the US Fed meeting in early trade. Besides, the overhang of the Union budget and scheduled weekly expiry would further add to the choppiness. A decisive close below the 17550 zone in Nifty would strengthen the bears. We thus reiterate our negative view and suggest limiting trades until we see some stability,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.8 things to know before stock market opens
Global market watch: Stocks in the Asia-Pacific traded mixed on Thursday as investors digested the U.S. Federal Reserve’s smaller rate hike of 25 bps and Fed Chairman Jerome Powell’s acknowledgment of falling inflation. Hong Kong’s Hang Seng index rose 0.69%, while in mainland China, the Shanghai Composite dipped 0.10% and the Shenzhen Component was down 0.26% in its first hour of trade. South Korea’s Kospi rose 1%, and Japan’s Nikkei 225 traded just above the flatline. Overnight on Wall Street, traders shrugged off Fed’s little indication that it may be nearing the end of its hiking cycle. The S&P 500 gained 1.05%, the Nasdaq Composite added 2%, and the Dow Jones Industrial Average rose 0.02%.
Key levels to watch: “With a significant support level around 17450 and a resistance level of 18100, the Nifty has managed to maintain above its 200 EMA. Bank Nifty also succeeded in maintaining above the 200 EMA; it has a critical support level of 39600 and a resistance level of 41700. Index would experience tremendous volatility until these important supports or resistances were broken, at which point we would be very cautious,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.
FII and DII data: Foreign institutional investors (FII) net bought shares worth Rs 1,785.21 crore, while domestic institutional investors (DII) net purchased shares worth Rs 529.47 crore on 1 February, according to the provisional data available on the NSE.
Stocks under F&O ban on NSE: The National Stock Exchange has Ambuja Cements stocks on its F&O ban list for 2 February. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Q3 Results today: HDFC, Tata Consumer Products, Titan Company, Aditya Birla Capital, Aegis Logistics, Apollo Tyres, Bajaj Electricals, Berger Paints India, Birlasoft, Cera Sanitaryware, Coromandel International, Crompton Greaves Consumer Electricals, Dabur India, Deepak Fertilisers, Godrej Properties, Karnataka Bank, Max India, SIS, Ujjivan Small Finance Bank, and Welspun Corp will report their quarterly earnings on 2 February.
US Fed slows rate hike pace: The US Federal Reserve slowed its pace of interest rate hikes Wednesday, tempering an aggressive campaign to rein in costs as inflation cools while signaling the battle is not over yet. The US central bank announced a 25 bps hike to the benchmark lending rate at the end of its two-day policy meeting, taking the rate to a target range of 4.50-4.75%. “Inflation has eased somewhat but remains elevated,” said the Fed’s policy-setting Federal Open Market Committee (FOMC) in a statement, adding that the committee anticipates ongoing increases in the target range to be appropriate to bring inflation back to policymakers’ two percent target over time.
Union Budget 2023 unveiled: FM Nirmala Sitharaman presented another growth-oriented budget with a focus on both infrastructure and job creation, while reducing income tax for individuals, and allocating lots of money to states. The Budget is aimed to support growth and the Indian consumption story, given global headwinds in China and developed markets. FM in Budget 2023 announced a slew of measures to give a boost to domestic manufacturing. The govt announced customs duty cuts on a number of items to protect local production, and it has also given import duty relief to deepen the domestic value-addition in the manufacture of mobile phones.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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