SGX Nifty surged higher in early trade on Wednesday, rising 75.50 points or 0.47 per cent to 16,240.50 on Singaporean Exchange. Indices may extend the previous session’s rally, taking the BSE Sensex above 54,000 and NSE’s Nifty 16,200 on Wednesday. Investors will focus on the Q1 results for stock-specific action, the RBI MPC meet that starts today and the macroeconomic data i.e. Markit Services and Composite PMI numbers for July. “Nifty formed a strong Bullish candle on daily scale. Now it has to hold above these levels. If index manages to sustain the current momentum and stays above 16,000, we can witness an up move towards 16,250-16,400 zones while on the downside support is seen at 15,900 levels,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
IPO Alert: Four IPOs — Devyani International, Windlas Biotech, Exxaro Tiles and Krsnaa Diagnostics– worth over Rs 3,600 crore will open for subscription on August 4 and close on August 6.
RBI MPC starts: The Reserve Bank of India’s Monetary Policy Committee (MPC) will hold its bi-monthly policy meeting from August 4-6, and will announce its decision later this week. Analysts expect RBI MPC to hold interest rates and maintain accomodative policy stance.
FIIs turn buyers in Indian stock market: On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 2,116 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 298 crore on a net basis in the Indian share market.
Q1 results today: Around 70 BSE-listed companies such as State Bank Of India, Hindustan Petroleum Corporation, Titan Company, Adani Green Energy, Godrej Consumer Products, Apollo Tyres, Adani Total Gas, Bosch, Chambal Fertilisers & Chemicals, Greenply Industries, H.G. Infra Engineering, PNB Housing Finance, Solara Active Pharma Sciences, Sonata Software, Tata Communications and Thomas Cook (India), will release April-June quarter earnings today.
Global watch: Asian stock markets were trading mixed in early trade on Wednesday. South Korea’s Kospi advanced 0.61 per cent. In Australia, the S&P/ASX 200 gained 0.17 per cent. Japan’s Nikkei 225 fell 0.1 per cent while the Topix index shed 0.21 per cent. The S&P 500 index closed at record high on Tuesday. The Dow Jones Industrial Average rose 0.8 per cent, the S&P 500 gained 0.82 per cent, and the Nasdaq Composite added 0.55 per cent.