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Nifty may top 14,500 on first day of April series; 5 things to know before market opens

Stock-specific action, oil prices and movement in rupee will set the market direction.

Headline indices BSE Sensex and Nifty 50 were eyeing a strong start on the first day of the April series, as suggested by trends on SGX Nifty. In the previous session, Sensex tumbled 740.19 points or 1.51 per cent to close at 48,440.12. While NSE’s Nifty declined by 224.50 points or 1.54 per cent to end at 14,324.90. Market participants will watch Supreme Court judgement on the cross appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd against the NCLAT. Besides, stock-specific action, oil prices and movement in rupee will set the market direction. According to an analyst, the market may remain under pressure in the near-term amid weak global cues, and fast spreading second wave of COVID-19 in India, which could impact the pace of economic recovery.

SGX Nifty up over 200 pts: Nifty futures were trading 233 points or 1.63 per cent higher at 14,561.50 on Singaporean Exchange, suggesting a strong opening for BSE Sensex and Nifty.

New listings: Kalyan Jewellers India and Suryoday Small Finance Bank shares will make their stock exchange debut on Friday. The Rs 1,175 crore Kalyan Jewellers India IPO was subscribed 2.61 times while Suryoday Small Finance Bank was subscribed 2.37 times.

FII and DII trends: On Thursday, foreign institutional investors (FIIs) offloaded shares worth Rs 3,383.60 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 2,267.69 crore on a net basis in the Indian stock market, as per provisional data available on the NSE.

Global watch: Asian stock markets were seen trading higher following overnight rebound on Wall Street. Japan’s Nikkei gained 1.16 per cent while the Topix index jumped 1.17 per cent. South Korea’s Kospi advanced 0.37 per cent. In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 0.62 per cent, and the S&P 500 gained 0.52 per cent. The Nasdaq Composite added 0.12 per cent.

Technical talk: Nifty has seen acceleration in its downtrend after it breached the crucial level of 14788. “In the process it has filled the upgap made on Feb 02. A sharp rise in COVID-19 cases globally and reports of lockdown seems to have eroded investors’ risk appetite,” said Deepak Jasani, Head of Retail Research, HDFC Securities. He aslo added that hardening bond yields, and rising inflation are also not helping matters. “Although the indicators/oscillators are oversold, we are not sure as to whether a bounce will come from these levels or after falling to 13966,” Jasani said.

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