Global Statistics

All countries
231,050,483
Confirmed
Updated on 23/09/2021 3:03 pm
All countries
206,015,304
Recovered
Updated on 23/09/2021 3:03 pm
All countries
4,735,770
Deaths
Updated on 23/09/2021 3:03 pm

Global Statistics

All countries
231,050,483
Confirmed
Updated on 23/09/2021 3:03 pm
All countries
206,015,304
Recovered
Updated on 23/09/2021 3:03 pm
All countries
4,735,770
Deaths
Updated on 23/09/2021 3:03 pm

Sensex, will Nifty bounce back or will the bears dominate? 5 things to know before today’s opening bell

Glenmark Life Sciences Initial Public Offering was oversubscribed on the first day. (Image: REUTERS)

Domestic stock markets tumbled Tuesday as bears took over and forced Dalal Street down. The S&P BSE Sensex fell 273 points or 0.52% to close at 52,578, while the NSE Nifty 50 was down 78 points or 0.49%, ending the day’s trade at 15,746. A sell-off in Asian stocks and a poor start to the earnings season for pharmaceutical companies acted as catalysts for weakness. Nifty Pharma closed 4.33% lower. On Wednesday morning, SGX Nifty was up with gains, hinting at a positive build ahead of the opening bell. The signals from the global pairs were mixed during the first hours of the trade.

Global surveillance: Wall Street closed with a loss on Tuesday led by the high-tech NASDAQ, down 1.21%. The S&P 500 closed 0..47% lower and the Dow Jones fell 0.24%. Big tech stocks along with Chinese tech stocks were among the downsides. Among Asian pairs, TOPIX and Nikkei 225 fell with losses, but KOSPI and KOSDAQ moved higher.

Technical take: Nifty 50 is still within range. “A negative long candle formed on the daily chart with a lower lower shadow. This indicates continued weakness in the market with a limited range stock, ”said Nagaraj Shetti, technical research analyst at HDFC Securities. He added that Nifty has slipped for a high of 3-4 trading sessions in recent months and therefore the odds of a decent upside rebound in the next 1-2 sessions can be expected.

Levels to consider: “The market failed to break above the 15900 level for the third day in a row, prompting the bullish sell-off below the 15750 level,” said Shrikant Chouhan, Executive Vice President of Equity Technical Research at Kotak Securities. “The market background is expected to be range bound as we approach the lower bound supports (15650/15600). On the higher side, 15810 and 15900 would be resistance levels, “he added.

FII and DII operations: Foreign Institutional Investors (FII) pulled 1,459 crore from domestic markets yesterday. FIIs have been net sellers for nine consecutive days. National institutional investors (DIIs) were net buyers on Tuesday, pumping 729 crore rupees.

IPO Clock: Glenmark Life Sciences Initial Public Offering was oversubscribed on the first day of the underwriting window with retail investors leading the way. At the end of the day, the broadcast was subscribed 2.78 times. Glenmark Life Sciences will join the Rolex Rings IPO today. The company has raised Rs 219 crore from anchor investors ahead of the IPO.

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