Nifty futures were trading 48.50 points higher at 13,464 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Wednesday. Factors such as rising coronavirus cases, oil prices, rupee movement and other global cues will set the market direction for today. Analysts believe that the upcoming domestic macroeconomic data i.e. IIP, CPI and WPI would be critical for further directional move. “On Wednesday, the Nifty 50 index should trade in the range of 13460 and 13300. Below 13350 levels, the index could fall to 13250 or 13200 levels. On the higher side, 13460 would act as the strongest hurdle and above that, the chances of hitting 13550 levels would turn bright,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
FII and DII data: On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 2,909.6 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 2,640.93 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Burger King India share allotment today: Burger King India IPO, which ran from December 2 to December 4, is expected to finalise its share allotment basis today. The 810-crore issue, sold in the price band of Rs 59-60, was subscribed 156.65 times.
Equity Mutual Funds see record outflow in Nov: The surge in equity markets has led to investors pulling out money from the open-ended equity schemes in November. Data from the Association of Mutual Funds in India (Amfi) showed that equity funds saw record net outflows of Rs 12,917.36 crore in November.
RBI cancels licence of Karad Janata Sahakari Bank: The RBI on Tuesday said it has cancelled the licence of The Karad Janata Sahakari Bank Ltd, Karad, Maharashtra, as it does not have adequate capital and earning prospects. More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the Reserve Bank said in a statement.
Global watch: Asian stock markets were trading higher in the early trade on Wednesday after the COVID-19 vaccine rollout fuelled some optimism among investors. Japan’s Nikkei 225 rose 0.94 per cent and the Topix index was up 0.62 per cent. South Korea’s Kospi index gained 1.04 per cent. In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 0.35 per cent, the S&P 500 gained 0.28 per cent and the Nasdaq Composite added 0.5 per cent.