Top Stock market action to look out for today

The Nifty is likely to remain weak-to-sideways on Wednesday as tepid overseas cues prevent traders from taking long positions in an adequately priced market. Stock specific action will drive trade.

The SGX Nifty signals a 17-point downtick at opening for Nifty futures today.

Overseas cues are mostly negative. Major US indices fell between 0.2-0.6% on Tuesday. European indices lost ground as well, dipping 0.2-0.4% overnight.

The commodities market presented a mixed trend for our local markets. Oil Futures remain at 6-year lows as OPEC's output is seen hitting fresh record highs after Iranian crude oil joins a global supply glut. Gold and Silver futures edged up in trade. Copper Futures lost ground for the 3rd day. Equity markets in Japan, China and Hong Kong lost a bit of their footing in early deals on Wednesday.

Meanwhile, the Nifty Index closed at 8,467 points, down 11 points on Tuesday. Major sectorial indexes also booked minor losses. The Bank Nifty drifted 41 points lower in the previous session as traders booked profit after a sharp rise in the prices of PSU banking stocks.

The sentiment turned mixed in the cash market. Foreign Institutional Investors turned net sellers after a two-day positive buy number. They sold 255 crores of local shares while large domestic players pitched in 128 crore rupees worth of net buys yesterday.

The derivatives space saw muted action. Traders made net purchases of a meagre 19 crore rupees for Index Futures; Net purchases of 408 crore rupees for Stock Futures; Purchases of `678 crore rupees for Index options and net sales of 57 crore rupees for Stock Options.

Delivery based selling was seen in pharma stocks: Divi's, Reddy's, Wockhardt and Lupin saw sales. Buying was evident on Ashok Leyland, TCS, Oracle Finance and HCL Tech.

STOCKS TO WATCH

Delhi-based Realty majors: DLF, JP Infrastructure may see some buying after a large part of Noida got an environmental clearance from the National Green Tribunal. Nearly 5,000 flats can be sold immediately.

MAJESCO: A unit of Mastek Ltd. will list on markets today.

Image credit: Indiatimes