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SGX Nifty falls, Sensex, Nifty set to start in red; 5 things to know before market opens

Factors such as stock specific development, oil prices, rupee movement against US dollar and other global cues will guide the markets today. Image: Reuters

Trends on SGX Nifty suggest a negative opening for BSE Sensex and Nifty 50 on Wednesday. Nifty futures were trading 78.50 points or half a per cent lower at 15,762.50 on Singaporean Exchange. Factors such as stock-specific development, oil prices, rupee movement against US dollar and other global cues will guide the markets today. Global peers were trading in red in early trade. Oil prices, too, tanked in the previous session after OPEC producers canceled a meeting when major players were unable to come to an agreement to increase supply.

Global watch: Asian stock markets were trading mixed in early trade on Wednesday. Japan’s Nikkei 225 dropped 0.75 per cent while the Topix index declined over half a per cent. South Korea’s Kospi shed 0.68 per cent. In overnight trade on Wall Street, the Dow and S&P 500 fell on Tuesday, while Nasdaq Composite surged to record closing. The Dow Jones Industrial Average fell 0.6 per cent, the S&P 500 lost 0.20 per cent, and the Nasdaq Composite added 0.17 per cent.

FII and DII trades: On Tuesday, foreign institutional investors (FIIs) offloaded shares worth Rs 543.30 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 521.30 crore on a net basis in the Indian equity market.

GR Infra, Clean Science and Technology IPOs open: Today IPOs of GR Infraprojects and Clean Science and Technology will open for subscription. Collectively both the IPOs plan to raise Rs 2,509 crore, on the higher end of the price band.

Nifty technical view: The short term uptrend of Nifty seems to have encountered profit booking around 15900 levels again, said an analyst. “Further weakness on Wednesday could confirm negative reversal and that could open another round of downward correction in the market from highs. A move above doji at 15915 could only negate this bearish pattern. Immediate support is placed at 15730,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Call, PUT open interest: Maximum Call OI was seen at 16,000 strike with 88,155 contracts, followed by 15,900 strike. Maximum Put open interest of 55,087 contracts was seen at 15700 strike, followed by 15,800 strike with 46,503 contracts.

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