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Is Nifty set to test the hurdle at 19850- See GIFT Nifty, FII data, F&O ban, crude, more before market opens_1

时间:2024-06-29 02:32:51 阅读（143）

Is Nifty set to test the hurdle at 19850? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty indicated a negative start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the things to know ahead of the opening bell on Friday.

GIFT Nifty traded at 19,806 slightly down by 14 points or 0.07%, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 jumped 89.75 points or 0.44% to settle at 19,765.20, while the BSE Sensex jumped 306.55 points or 0.47% to 65,982.48.

“Nifty tested the target zone of 19,850 in no time after the breakout and we expect a breather now. All sectors are participating in the move on a rotational basis however banking is still not performing on the expected lines. Amid all, we suggest focusing on pockets that are witnessing consistent interest and using intermediate dips to accumulate them. Needless to say, the prevailing buoyancy in midcap and smallcap packs is adding to the offerings so traders should plan their positions accordingly,” Ajit Mishra added.

Key things to know before share market opens on November 17, 2023Wall Street

The S&P 500 and the Nasdaq managed to eke out tiny gains on Thursday while the Dow Industrial Average (.DJI) ended slightly lower with pressure from tech and retail bellwethers Cisco and Walmart after disappointing forecasts, reported Reuters. The tech-heavy Nasdaq Composite gained 5.90 points or 0.04% at 14,109.73. The S&P 500 added 5.56 points or 0.12% at 4,508.24, while the Dow Jones Industrial Average dipped 45.47 points or 0.13% to 34,945.47.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.02% at 104.33.

Crude Oil

WTI crude prices are trading at $72.81 down 0.12%, while Brent crude prices are trading at $77.32 down 0.13%, on Friday morning.

Asian Markets

Shares in the Asia-Pacific region are trading in the red on Friday morning. The Asia Dow is trading down 0.18%, Japan’s Nikkei 225 is flat, down 0.01%, Hong Kong’s Hang Seng index is trading down 1.36% and the benchmark Chinese index Shanghai Composite is down 0.71%.

FII, DII Data

Foreign institutional investors (FII) purchased shares worth net Rs 975.25 crore, while domestic institutional investors (DII) added shares worth net Rs 705.65 crore on November 16, 2023, according to the provisional data available on the NSE.

F&O Ban

The NSE has added Chambal Fertilisers and Chemicals, Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, MCX, SAIL, and ZEEL are the eight stocks that are a part of the F&O ban list by the stock exchange for November 17.

Technical View

Commenting on the Technical outlook of Ajit Mishra, SVP – Technical Research, Religare Broking said, “Markets edged higher and gained nearly half a percent, in continuation of Wednesday’s surge. After the flat start, Nifty maintained a positive tone for most of the day however profit taking in the final hour trimmed the gains. Eventually, it settled at 19,765 levels; up by 0.46%. The majority of the sectors were aligned to the move wherein IT and realty were among the top performers. The broader indices maintained their outperformance and the midcap index made a new high as well”

Bank Nifty Outlook

The Bank Nifty index encountered resistance at 44,500, where notable selling pressure emerged in the last half-hour of trading. The index continues to adopt a “buy on dip” strategy, with a support level at 43,700, aligning with its 20-day moving average (20 DMA). A close above 44,500 is anticipated to trigger additional short-covering, potentially propelling the index towards the 45,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

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上一篇：bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.

The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.

The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.

IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.

However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.

Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO

Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.

IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.

Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.

Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.

“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.