SGX Nifty down 95 points; here's what changed for market while you were sleeping - Economic Times

The domestic equity market was set to open in tandem with Asian peers, which fell in the early trading session. US stocks dropped in overnight trade. Asian stocks tumbled following rising Covid-19 cases and rate hike expectations. The US Fed is likely to announce rate hikes this week. Back home, rising inflation is a concern as retail prices remained above RBI's comfort zone in February. Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 96.6 points, or 0.57 per cent, lower at 16,786.50, signaling that Dalal Street was headed for a negative start on Tuesday.

• Tech View: Nifty50 on Monday climbed for the fifth straight session and, in the process, formed a bullish candle on the daily chart. The index seems to have sent signs of upside breakout after closing above the range of 16,700-800, and the same will be confirmed on a move above 17,000 level, said analysts.
• India VIX: The fear gauge added over a per cent to 25.68 level on Monday over its close at 25.34 on Friday.

Asian shares fall in early trade
Asian stocks were in the red on Tuesday as surging Covid-19 cases in China hit the confidence of investors who are already worried about the Ukraine war and the first US interest rate rise in three years, which could come this week. MSCI's index of Asia-Pacific shares outside Japan was down by 2.09 per cent.

• Japan's Nikkei dropped 0.06%
• South Korea's Kospi tanked 0.98%
• Australia's ASX 200 plunned 0.71%
• China's Shanghai slumped 2.96%
• Hong Kong's Hang Seng tumbled 4.24%

Wall Street drops
Wall Street ended lower on Monday, led by a drop in the Nasdaq, as investors sold tech and big growth names ahead of this week's Federal Reserve meeting and an expected hike in interest rates. Stocks swayed lower as crude oil prices fell and bond yields rose sharply.

• Dow Jones settled flat at 32,945.24
• S&P 500 shed 0.74% to 4,173.11
• Nasdaq tanked 2.04% to 12,581.22

Dollar strengthens ahead of Fed meet
The yen remained under pressure on Tuesday and the Australian dollar was bruised by the latest lockdowns in China following new COVID-19 outbreaks, but moves were more muted than in recent days as traders' eyes turned to this week's Fed meeting.

• Dollar Index jumped to 99.108
• Euro was steady at $1.0947
• Pound beaten down to $1.3005
• Yen dropped to 118.37 per dollar
• Yuan exchanged hands at 6.3658 against the greenback

Oil prices slid
During the Asian session, US crude slipped a further 2.54 per cent to $100.44 a barrel, in line with broader asset selling. Brent crude was down 2.27 per cent to $104.42 per barrel.

In US trading, oil prices had fallen as much as 5.8 per cent as prospects of a positive outcome in Ukraine talks eased concerns about major supply disruptions.

FIIs sell shares worth Rs 177 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 176.52 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 1,098.62 crore, data suggests.

MONEY MARKETS
Rupee: The rupee declined by 10 paise to close at 76.54 against the US dollar on Monday amid moderating crude oil prices and foreign fund outflows. High inflation also affected market sentiment.

10-year bonds: India 10-year bond was almost flat, eased marginally by 0.01 per cent to 6.85 after trading in 6.82 - 6.89 range on Monday.

Call rates: The overnight call money rate weighted average stood at 3.45 per cent on Friday, according to RBI data. It moved in a range of 2.00-4.00 per cent.

Adblock test (Why?)

SGX Nifty down 95 points; here's what changed for market while you were sleeping - Economic Times
Read More