Indian benchmark indices are likely to open lower on Friday, hinted SGX Nifty amid weak global cues. Nifty futures were trading 0.6% down at 18,065 level on the Singapore Exchange. In the previous session, BSE Sensex declined 241 points to 60,826, while NSE Nifty 50 fell 72 points to 18,127. “As we step into CY23, the global factors, like recessionary fears, geo-political risks and rising covid cases in China could keep the equity markets volatile. US Fed policy actions in 2023 along with RBI’s would hold importance where any moderation might encourage markets to pick up momentum,” said Motilal Oswal Broking and Distribution in a note.
7 key things to know before share market opens
Global market watch: Asia-Pacific shares traded lower on Friday, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region. Japan’s Nikkei 225 fell 1.28% and the Topix fell 0.76%. South Korea’s Kospi also fell 1.74%. Hong Kong’s Hang Seng index dropped 1.36% in first hour of trade, while Mainland China’s Shanghai Composite lost 0.33%. Overnight in the US, stocks tumbled as the year-end sell-off resumed following a brief respite this week, dashing hopes for a Santa Claus rally. Dow Jones fell 1.05%, S&P 500 declined 1.45%, and Nasdaq closed 2.18% lower.
Key levels to watch: “Volume profile indicates Nifty may find support around 17900-18050 zone which was almost tested on Thursday. On the other hand, Bank Nifty has support at 42200-42300 which was also tested yesterday, while resistance is placed at 42900-43000 range. Selling in Indian markets is still prevalent because of concern over the rising COVID in China, thus selling on every rise is advised,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.
Stock listings: Shares of the premium automobile retailer Landmark Cars will debut on the bourses on 23 December. The issue price for the IPO has been fixed at Rs 506 per share. Abans Holdings, the financial services subsidiary of Abans Group will also list shares on the BSE and NSE on Friday. The final offer price has been fixed at Rs 270 per share.
IPO Watch: Radiant Cash Management Services IPO will open for subscription today. The company is offering over 2.79 crore equity shares in the issue at a price band of Rs 94-99 per share. Ahead of the IPO, the company garnered Rs 116.38 crore from anchor investors. Bidding in the IPO will close on 27 December. The IPO is a mixture of a fresh issue worth Rs 60 crore, and an offer for sale for up to 33,125,000 equity shares aggregating to Rs 327.94 crore. The equity shares offered have a face value of Re 1 each.
FII and DII data: Foreign institutional investors (FIIs) bought shares worth Rs 928.63 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 2,206.59 crore on Thursday, 22 December, according to the provisional data available on the NSE.
Stocks under F&O ban on NSE: The National Stock Exchange has Indiabulls Housing Finance under its F&O ban list for 23 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.