STATE OF THE MARKETS
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 62.50 points, or 0.36 per cent, higher at 17,611.50, signaling that Dalal Street was headed for a positive start on Wednesday.
- Tech View: Nifty50 formed a bullish candle on the daily chart, after back-to-back five bearish candles. Analysts believe the range of 17,680-17,710 may pose as stiff resistance for the index going ahead while 17,200 will act as immediate support.
- India VIX: The fear gauge fell 17.92 per cent to 18.02level on Tuesday over its close at 17.52 on Monday.
Asian shares drop in early trade
Asian markets opened lower on Wednesday after a mixed close on Wall Street, with investors sceptical about a US-led plan for a coordinated release by several countries of strategic oil reserves. MSCI’s index of Asia-Pacific shares outside Japan fell 0.24 per cent.
- Japan’s Nikkei declined 1.09%
- South Korea’s Kospi fell 0.40%
- Australia’s ASX 200 dropped 0.80%
- China’s Shanghai edged 0.08% lower
- Hong Kong’s Hang Seng fell 0.20%
US stocks settled mixed overnight
Wall Street stocks were mixed Tuesday with energy and financial shares advancing, while the tech-rich Nasdaq fell amid worries about higher interest rates. Analysts cited lingering doubts over inflation as a headwind for stocks, along with valuation concerns after indices hit records earlier in the fall.
- Dow Jones rose 0.5% to 35,813.80
- S&P 500 added 0.2% to 4,690.70
- Nasdaq dropped 0.5% at 15,775.14
Dollar takes a breather
The dollar paused for breath on Wednesday after surging with bets on higher rates when Jerome Powell was picked for a second term as Federal Reserve chair, while the New Zealand dollar was on edge ahead of a central bank decision on a rate-hike path.
- Dollar index stands at 96.55
- Euro advanced to $1.1248
- Pound dropped to $1.3344
- Yen declined to 115.19 per dollar
- Yuan at 6.392 against the greenback
Oil prices drop on release of stocks
Oil prices fell on Wednesday as the US-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the US Thanksgiving holiday. Brent crude futures slid 32 cents, or 0.4 per cent, to $81.99 a barrel, having risen 3.3 per cent on Tuesday.
FPIs sell shares worth Rs 4,477 crore
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 4,477.06 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,412.05 crore, data suggests.
MONEY MARKETS
- Rupee: The rupee recovered most of its initial losses to settle 3 paise down at 74.42 against the US dollar on Tuesday, tracking a positive trend in domestic equities and easing crude oil prices.
- 10-year bond: India’s 10-year bond rose 0.20 per cent to 6.364 after trading in 6.361-6.377 range on Tuesday.
- Call rates: The overnight call money rate weighted average stood at 3.55 per cent, according to RBI data. It moved in a range of 2.00-4.00 per cent.
