Stock market today: The Indian share market is likely to open flat tracking mixed global cues. At 7:14 AM GIFT Nifty futures were up 17.5 points at 25,287.5.
Market participants near home will eye the release of second-quarter gross domestic product (GDP) data and industrial output year-on-year (Y-o-Y) data today. India’s economic growth is likely to have slowed in the April-June quarter because of reduced government spending during the national elections and stalling consumption. A Reuters poll of 52 economists projected GDP growth of 6.9 per cent Y-o-Y for the three months through June, the first quarter of India’s 2024/25 fiscal year. This projection is below the central bank’s estimate of 7.1 per cent and the 7.8 per cent growth rate of the previous quarter.
IPO watch today: Baazar Style Retail, Archit Nuwood Industries, and Boss Packaging Solutions to open; ECOS (India) Mobility & Hospitality, Paramatrix Technologies, and Aeron Composite to close; Rapid Multimodal Logistics to be listed; Premiere Energies allotment
Main Board IPO:
The initial public offer (IPO) of Baazar Style Retail Ltd will open for subscription today. The offer is worth Rs 834.68 crore. The issue is a combination of a fresh issue of 3.8 million shares aggregating to Rs 148 crore and an offer for sale of 17.7 million shares aggregating to Rs 686.68 crore.
ECOS (India) Mobility & Hospitality IPO will close for subscription today. At the end of the second day of bidding, the public issue had been subscribed to 9.56 times, the retail portion of the book build issue had been subscribed to 8.99 times, the NII segment had been subscribed to 23.47 times, and the QIB portion had been booked 0.10 times, as per BSE data.
Allotment of Premiere Energies shares will be done today. On the last day of bidding, Premier Energies IPO was subscribed 74.38 times. The portion reserved for QIBs was subscribed 216.67 times, the portion reserved for NIIs was booked 50.04 times, and the portion reserved for retail investors was booked 7.69 times.
NSE, BSE SME IPOs:
Rapid Multimodal Logistics IPO will be listed on BSE under the SME category today. Rapid Multimodal Logistics IPO was subscribed 350 times overall, receiving bids for 336.4 million shares against 9.6 lakh on offer.
Archit Nuwood Industries Limited IPO will open for subscription on BSE SME today.
Global triggers:
In the Asia Pacific markets, investors will eye the release of July retail sales and industrial production from South Korea, July retail sales, and private sector credit growth from Australia.
Further, Japan’s July retail sales, industrial production, and unemployment will also be on the radar along with Tokyo’s inflation figures for August.
In the US markets, Dow Jones notched a record-high close, rising 0.59 per cent following robust U.S. economic data. The S&P 500 finished flat, while the Nasdaq Composite was down 0.23 per cent.
On the commodity front, last seen, Brent crude oil was flat with a negative bias at $79.92.
How are Asian markets performing today?
Asia-Pacific markets are trading mixed today. At the last count, Nikkei was up 0.25 per cent, Kospi was up 0.52 per cent, and ASX 200 was up 0.41 per cent. Meanwhile, Hang Seng was unchanged and Shanghai was flat with a negative bias.
Here’s how analysts view today’s (August 30) trading session
Shrikant Chouhan, Head of Equity Research, Kotak Securities
We are of the view that the larger market texture is positive but due to temporary overbought conditions we could see range bound activity in the near future. For the traders now, 25000/81650 would be the crucial support zone. Above the same, the market could move up till 25225-25300/82500-82700. On the flip side below 25000/81650, the sentiment could change. Below the same, we could see one quick intraday correction till 24900-24850/81200-81000.
Rajesh Bhosale, Equity Technical Analyst, Angel One
The upcoming session that starts the new series will be crucial; if Nifty holds onto this breakout, additional gains could follow in the near term. Nifty has consistently maintained the 25000 level, and as long as this support holds, a positive bias should be retained. However, a break below 25000 could lead to weakness towards 24850 or lower. It’s worth noting that the broader market has shown some weakness in recent days, with only a few heavyweights driving the index higher. Therefore, the next sessions will be vital for determining the market’s direction. Traders are advised to closely monitor the key levels and make informed decisions rather than reacting impulsively.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty has been inching higher on account of sector rotation. We expect the momentum to continue towards 25250. On the downside , a crucial support zone is placed at 25000 – 24970. Divergence among the daily and hourly time frame momentum indicators can lead to some more range-bound price action.
The Nifty Bank traded within the range of the previous couple of trading sessions. A breach above 51400 can lead to an upmove towards 51900 and on the downside 51000 remains a crucial support zone. Overall, until we get decisive evidence of a trend reversal we shall continue to ride the upmove.
FII, DII update: How much did FIIs, and DIIs buy or sell on August 29?
As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 3,259.56 crore.
Likewise, the DII’s were net buyers of equities worth Rs 2,690.85 crore.
Here’s how the Indian benchmark performed on Thursday:
India’s equity benchmarks hit record highs on Thursday, boosted by heavyweight conglomerate Reliance Industries (RIL) which plans to step up the adoption of AI and issue bonus shares.
The NSE Nifty 50 and the S&P BSE Sensex both rose about 0.6 per cent to hit all-time highs, before trimming some gains to settle up 0.4 per cent at record closing levels.
First Published: Aug 30 2024 | 7:52 AM IST
