Finace And Stock

SGX Nifty up 145 points; here’s what changed for market while you were sleeping

Domestic stocks may see a gap-up start on Thursday as concerns over US debt default and rising inflation eased. Oil prices fell for the second day while the dollar remained in a range. Asian markets were off to a solid start after positive closing for US stocks overnight. Domestic investors were keenly awaiting RBI’s MPC meeting outcome on Friday. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals a gap-up start
Nifty futures on the Singapore Exchange traded 146 points, or 0.83 per cent, higher at 17,774.50, signaling that Dalal Street was headed for a gap-up start on Thursday.

  • Tech View: Nifty50 on Wednesday formed a Bearish Engulfing pattern on the daily chart. This reflected that the bears now have an upper hand in the market filled with uncertainties.
  • India VIX: The fear gauge jumped about 6 per cent to 17.33 level on Wednesday over its close at 16.40 on Tuesday.

Asian stocks traded higher in early trade
Asian stock markets mostly opened higher on Thursday, extending gains on Wall Street as US congressional Republicans offered a compromise in high-stakes talks on lifting the US debt limit. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 1.30 per cent.

  • Japan’s Nikkei advanced 1.64%
  • South Korea’s Kospi added 1.32%
  • Australia’s ASX 200 jumped 0.75%
  • New Zealand’s DJ gained 0.56%
  • Hong Kong’s Hang Seng rallied 2.08%

US stocks rise as default risk ebbs
Wall Street ended higher on Wednesday as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default. Major indexes recovered from early losses after Congressional Republicans offered a compromise in high-stakes talks on lifting the US debt limit.

  • Dow Jones gained 0.30% to 34,416.99
  • S&P 500 soared 0.41% to 4,363.55
  • Nasdaq advanced 0.47% to 14,501.91

Dollar holds near multi-month high
The safe-haven dollar held close to a 14-month high against the euro on Thursday as a surge in energy prices fuelled worries that inflation could crimp economic growth while also prodding the Federal Reserve to act sooner to normalise policy.

  • Dollar index moved up to 94.188
  • Euro declined to $1.1558
  • Pound slipped at $1.3587
  • Yen almost flat at 111.375 per dollar
  • Yuan at 6.4467 against the greenback

Oil drops for 2nd session
Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in US crude stocks that raised concerns over demand after prices rallied to multi-year highs. US crude slid 0.43 per cent, or 33 cents, to $77.10 a barrel after the market climbed on Wednesday to $79. Brent crude slide 2 cents, to $81.06 a barrel.

FPIs sell shares worth Rs 803 crore
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 802.81 crore, data available with NSE suggested. DIIs were net buyers to the tune of 998.69 crore, data suggests.

MONEY MARKETS


Rupee: The Indian rupee on Wednesday suffered its biggest single-day drop in six months, losing 54 paise against the US dollar to end at 74.98 as investors turn cautious in view of massive selloffs in domestic equities and strengthening greenback against key rivals.

10-year bond: India 10-year bond jumped 0.26 per cent to 6.27 after trading in 6.26 – 6.29 range.

Call rates: The overnight call money rate weighted average stood at 3.20 per cent on Wednesday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH

  • JP BoJ Gov Kuroda Speech (6:30 am)
  • GB Halifax House Price Index SEP (11:30 am)
  • EA ECB Monetary Policy Meeting Accounts (5 pm)
  • US Initial Jobless Claims 02/OCT (6 pm)
  • US Jobless Claims 4-week Average OCT/02 (6 pm)
  • US Fed Williams Speech (6 pm)
  • EA ECB Schnabel Speech (6:30 pm)
  • EA ECB Lane Speech (9:15 pm)

MACROS


India can become $1 trillion digital economy in 5 years: MoS for IT
India has untapped opportunities in manufacturing, engineering, and digitalisation that can play a key role in the country’s vision of a $1 trillion digital economy in the next five years, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday.

SII eyes 200 mn Covishield jabs this month
Pune-based Serum Institute of India (SII) is gearing up to supply 200 million doses of Covishield this month, as vaccination drive gains pace in the face of a possible third wave. Fulfilling its commitment, SII has gradually been increasing its capacity. From 160 million in September, it is on track to touch 200 million this month, people in the know told ET.

Ecommerce sales off to a flying start
Smartphones, electronic items and fashion and lifestyle products have flown off the shelves in record numbers during the first three days of the ongoing festive sales at Amazon and Flipkart despite the inauspicious shraadh period, with business growing by 40-90% over the same period last year.

No law change needed for FDI in LIC IPO
The government may not be required to amend any legislation to allow foreign participation in the proposed initial share sale of insurance giant Life Insurance Corporation of India (LIC), a report said. Foreign participation would be allowed as per the listing norms of the Securities and Exchange Board of India (SEBI) and the extant sectoral FDI guidelines, it said.


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