The Indian equity market is set for a subdued opening on Tuesday, even as global cues remain broadly supportive.
As of 7:35 AM, GIFT Nifty was down 4 points, or 0.02 per cent, at 25,992, signalling a flat start for domestic benchmarks. Across Asia, equities opened on a firm note, mirroring the rebound in US tech stocks amid strengthening expectations of a US Federal Reserve rate cut in December. Japan’s Nikkei 225 rose 0.65 per cent, while South Korea’s Kospi advanced 0.75 per cent.
Overnight, Wall Street staged a sharp rally. The S&P 500 logged its strongest session in nearly six weeks, jumping 1.55 per cent, while the Nasdaq surged 2.69 per cent. Money markets now assign over a 70 per cent probability to a December rate cut, according to Bloomberg.
Back home, domestic markets closed lower on Monday. The BSE Sensex dropped 331.21 points, or 0.39 per cent, to 84,900.71, while the Nifty50 fell 108.65 points, or 0.42 per cent, to 25,959.50.
Nifty Levels to Watch
According to Ponmudi R, CEO of Enrich Money, the Nifty is once again nearing a multi-month rising trendline that has repeatedly capped upside attempts over the past six months.
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The index remains constructive as long as it holds above 25,900.
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The next key slope support is placed around 25,750.
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A decisive close above 26,150–26,180 could signal a breakout, opening the path toward 26,250 and 26,350.
IPO Watch
The Sudeep Pharma Ltd mainboard IPO, sized at ₹8,000 crore, closes today. The issue was subscribed over five times by the end of Day 2.
There are currently no active SME IPOs in the market.
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