Stock Market Today: Key Drivers for Indian Markets Including FII Buying and P N Gadgil IPO

Market Overview Ahead of Key Economic Data

Stock market today indicates bullish behavior as Indian benchmark indices, the BSE Sensex and NSE Nifty, anticipate positive movement after record highs. As of 6:57 AM, GIFT Nifty futures saw an increase of 47.75 points, reaching 25,490.5. Investors are particularly keen on the upcoming release of the Wholesale Price Index (WPI) inflation and manufacturing data for August, along with import and export figures for the same month.

Global Triggers Affecting Market Sentiments

Globally, market participants are keeping a close watch on the Federal Reserve’s policy decision scheduled for September 18, which is expected to significantly influence the domestic stock market sentiment. Analysts predict a possible 25 basis point rate cut—a pivotal concern for investors during this trading session.

US Market Performance and Asian Market Reactions

• The US markets closed with mixed results as the S&P 500 rose modestly while the Nasdaq dropped, driven by technology stock challenges amidst rate speculation.
• The Dow Jones recorded a 0.55 percent increase, while the S&P climbed 0.13 percent, and the Nasdaq fell by 0.52 percent.

Observations from Asian Markets

Asian markets appear mixed today, recovering from the trading break. The ASX 200 gained 0.24% while the Nikkei ceded ground with a 0.65% drop. Market participants are also assessing China's disappointing economic figures as they attempt to forecast future trends.

Technical Analyses and Trading Signals

According to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, the market is in a consolidation phase after the recent uptrend. Key resistance levels are forecasted between 25,500 - 25,700 while support remains around the 25,200 - 25,150 range.

Shrikant Chouhan from Kotak Securities highlights a lack of decisiveness, indicating that while a bullish tone dominates, upcoming trading might display volatility confined within a defined range. Key support zones are identified at 25,300 and 82,900.

IPO Watch: P N Gadgil Jewellers Listing

The P N Gadgil Jewellers Ltd IPO is set to list today on the NSE and BSE. The issue, worth Rs 1,100 crore, includes both a fresh issue of shares and an offer for sale. Traders are advised to monitor this listing closely for potential market impact.

FII and DII Trends

Data shows that Foreign Institutional Investors (FII) were net sellers, offloading equities worth Rs 1,634.98 crore, whereas Domestic Institutional Investors (DII) were net buyers, snapping up Rs 754.09 crore worth of shares.

In summary, stock market today awaits key economic indicators while reflecting on global trends and local trading activities. Investors should remain alert for further updates following the Fed's announcement and upcoming economic reports.