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US markets on Tuesday
The US markets slumped registering the beginning of one of the market’s historically worst months, Dow Jones was down 1.51 per cent, the S&P 500 was down 2.12 per cent, and the Nasdaq Composite was down 3.26 per cent.
How are Asian markets performing today?
Brent crude below $74 per barrel
On the commodity front, last seen, Brent crude oil was down 0.42 per cent at $73.44 per barrel.
IPO watch today: Gala Precision, Jeyyam Global Foods closes; Mach Conferences and Events Namo eWaste Management opens; ECOS (India), Aeron Composite and Paramatrix Technologies listing
Main Board IPO:
Gala Precision Engineering’s initial public offering (IPO) will conclude today. The IPO was subscribed 52.17 times on day two of bidding.
The initial share sale received bids for 11,60,22,648 shares against 22,23,830 shares on offer, as per NSE data.
Shares of ECOS (India) Mobility & Hospitality will be listed on NSE and BSE today. The IPo was oversubscribed by a staggering 64.26 times. The highest demand came from Qualified Institutional Buyers (QIBs), who subscribed 136.85 times, followed by Non-Institutional Investors (NIIs) at 64.37 times.
NSE, BSE SME IPOs:
Mach Conferences and Events IPO will open for subscription today on BSE under the SME category. It is a book built issue of Rs 125.28 crore. The issue is a combination of a fresh issue of 2.23 million shares aggregating to Rs 50.15 crore and an offer for sale of 3.34 lakh shares aggregating to Rs 75.13 crore.
Namo eWaste Management Solutions IPO’s subscription window will open today on NSE under the SME category. The IPO is a book built issue of Rs 51.20 crore. The issue is entirely a fresh issue of 6.02 million shares.
The application for Jeyyam Global Foods IPO will close today under NSE SME. The issue is a combination of a fresh issue of 12.08 million shares aggregating to Rs 73.74 crore and an offer for sale of 1.34 million shares aggregating to Rs 8.19 crore.
Shares of Aeron Composite and Paramatrix Technologies will be listed on the NSE under the SME category today.
Global triggers
Investors in the US investors await the release of import and export data for July. They will also eye the release of the US payroll report on Friday (September 6), as it could decide whether a rate cut expected this month will be regular or super-sized.
On market participants’ radar, today, in the Asia Pacific markets will be the release of S&P Global PMI for August in Singapore. In Australia, investors will eye Q2 gross domestic product (GDP) data.
Back home, investors will eye the data release of HSBC composite and service PMI for August.
Here’s how analysts view today’s (September 3) trading session
Shrikant Chouhan, Head of Equity Research, Kotak Securities
We believe that the current market texture is non-directional, perhaps traders are waiting for either side breakout. For the day traders now, 25,350/82,900 would be the immediate breakout level. Above the same, the market could rally up to 25,450-25,500/83,300-83,500. Conversely, dismissal of 25,200/82,300 may trigger an intraday correction. Below 25,200/82,300, the chances of hitting 25,100/82,000 would turn bright. Further downside may also continue which could drag the market till 25,050/81,750.
Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One Ltd
Moving forward, only a decisive move above 25,300 might trigger a rally toward 25,500. On the downside, support is positioned at 25,200 and 25,000.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the upside we expect Nifty to target levels of 25,500. On the downside, the crucial support base is placed at 25,160 – 25,120 where the key hourly moving averages are placed. We shall continue to ride the upmove with a trailing stop loss mechanism.
The Nifty Bank has finally shown some spark and is now inching higher toward 51,950 – 52,000 zone which coincides with the 61.82 per cent Fibonacci retracement level. The support base shifts higher towards 51,300 – 51,200 from a short term perspective.
FII, DII update: How much did FIIs, and DIIs buy or sell on September 3?
As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 1,029.25 crore.
Likewise, the DII’s were net buyers of equities worth Rs 1,896.21 crore.
Here’s how the Indian benchmark performed on Tuesday:
Sensex and Nifty concluded Tuesday’s trading session on a muted note in a day marred by subdued sentiment and a lack of major triggers. The BSE Sensex shed 4.40 points or 0.01 per cent to settle at 82,555, at the close.
However, the Nifty 50 gained 1.15 points to maintain its streak of closing in the green for the 14th straight session. It closed nearly flat at 25,280.
First Published: Sep 04 2024 | 7:42 AM IST