Heres what you need to know before opening bell rings today!

The Indian markets are expected to open on weak footing amid fragile global cues. SGX Nifty is indicating that Nifty may open below the level of 15,800 i.e. at 15,780, down by 60 points.    

Cues from Asian markets: Following mixed to negative cues from Wall Street, Asian markets were seen trading with negative bias on Wednesday. Hong Kong’s Hang Seng was down by over 1 per cent while Japan’s Nikkei 225 slipped 0.85 per cent.    

Overnight cues from the US: US stock indices exhibited mixed performance on Tuesday with Dow and S&P 500 ending in red, while the tech-heavy Nasdaq registered a new record closing high.    

Last session’s summary: Indian markets moved higher on Tuesday with Nifty touching an intraday high of 15,914.20 in the afternoon session. However, Nifty wiped out all its gain in the last leg of the trade to hit an intraday low of 15,801 and closed with a net loss of 16 points at 15,818. The broader markets also ended the day in red with Nifty Midcap 100 and Nifty Smallcap 100 settling with losses of 0.05 per cent and 0.66 per cent, respectively.   

Among the sectoral indices, majority of them ended in red with Nifty Auto and Nifty PSU Bank being the top losers. On the flip side, Nifty Bank emerged as the top gainer as it jumped over 1 per cent on Tuesday. The upmove in Bank Nifty could be caused by short sellers covering their positions theoretically as the price rise along with a decline in the open interest indicates short covering.   

Nifty has formed a gravestone Doji on the daily chart. Going ahead, the 20-DMA, which stands at 15,760, is likely to act as an immediate support level while on the upside, the level of 15,900-15,920 may act as a stiff resistance.    

FII’s activity on Tuesday: FII were the net sellers to the tune of Rs 543.30 crore on Tuesday. On a month-to-date (MTD) basis, they have been net sellers of equities to the tune of Rs 3,109.82 crore. FII Index-based long build-up 3,930 contracts and short build-up 1,022 contracts.  

Important news: The gross GST collections in the month of June 2021 stood at Rs 92,849 crore. It fell below the Rs 1-trillion mark for the first time in nine months in June 2021 to a 9-month low, as the economic activity got disrupted due to the second COVID-19 wave, as per the official data.