SGX Nifty up 10 points; here's what changed for market while you were sleeping

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Nifty today, SGX Nifty, Asian shares, Wall Street, Oil, FPIs, Q2 earnings

The domestic equity market is likely open on a flat to positive note. Asian peers were trading with cuts, whereas US stocks settled mostly lower in overnight trade. Market participants will be keenly watching the Fed’s roadmap for tapering. Back home, traders will react to earnings of major bluechips. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a muted start

Nifty futures on the Singapore Exchange traded 9 points, or 0.05 per cent, higher at 18,262.50, signaling that Dalal Street was headed for a muted start on Thursday.

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  • Tech View: Nifty50 on Wednesday formed a bearish candle on the daily chart but continued to make higher high-low formations. The index closed almost at its 5-day exponential moving average.
  • India VIX: The fear gauge rose marginally to 16.83 level on Wednesday over its close 16.75 on Tuesday.

Asian shares traded mostly lower

Asian shares opened mostly lower on Thursday, extending falls on Wall Street as investors awaited a monetary policy decision from the Bank of Japan and European Central Bank (ECB) later in the day. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.09 per cent.

  • Japan’s Nikkei declined 1.02%
  • South Korea’s Kospi rose 0.16%
  • Australia’s ASX 200 tanked 0.36%
  • China’s Shanghai plunged 0.81%
  • Hong Kong’s Hang Seng fell 0.08%

Wall Street settled at lower, Nasdaq flat

Major Wall Street indices drew back from record territory on Wednesday, as enthusiasm over good earnings numbers was overcome by the grinding politics of Washington. The S&P 500 and the Dow Jones Industrial Average fell. The Nasdaq ended unchanged.

  • Dow Jones tanked 0.74% at 35,490.69
  • S&P 500 declined 0.51% to 4,551.68
  • Nasdaq settled flat at 15,235.84

Yen and euro under pressure

The yen and euro were on the backfoot in early trading on Thursday as traders looked for possible catalysts from policy meetings by the Bank of Japan and European Central Bank.

  • Dollar Index flat at 93.858
  • Euro slipped to $1.1591
  • Pound little changed at $1.3725
  • Yen held steady against 113.8 per dollar
  • Yuan slipped to 6.4029 against the greenback

Oil

falls after rise in US crude stock

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell 25 cents, or 0.3%, to $86.15 a barrel. West Texas Intermediate (WTI) futures declined 26 cents, or 0.3%, to $84.39 a barrel.

FPIs sell shares worth Rs 1,913 cr

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1,913.36 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 472.48 crore, data suggests.

Q2 earnings

Bajaj Finserv, Adani Green Energy, Adani Total Gas, NPTC, SBI Cards & Payment Services, DLF, Interglobe Aviation, Marico, Tata Power, Bajaj Holdings and Investments, Gujarat Gas, AU Small Finance Bank, Laurus Labs and Indian Bank are among the companies that will announce their September quarter results today.

MONEY MARKETS

Rupee: The Indian rupee depreciated by 6 paise to 75.02 against the US dollar in opening trade on Wednesday, weighed down by firm crude oil prices and a strong American currency in the overseas market.

10-year bonds: India 10-year bond eased 0.41 per cent to 6.34 after trading in 6.33 – 6.38 range on Wednesday.

Call rates: The overnight call money rate weighted average stood at 3.33 per cent on Wednesday, according to RBI data. It moved in a range of 2.00-3.65 per cent.

DATA/EVENTS TO WATCH

  • Q2 Results: Bajaj Finserv | Adani Green | Adani Total Gas | NTPC | InterGlobe | SBI Cards
  • JP BoJ Interest Rate Decision (8:30 am)
  • JP BoJ Quarterly Outlook Report (8:30 am)
  • EA Consumer Confidence Final OCT (2:30 pm)
  • EA Economic Sentiment OCT (2:30 pm)
  • EA ECB Press Conference (6 pm)
  • US GDP Growth Rate QoQ Adv Q3 (6 pm)
  • US Initial Jobless Claims 23/OCT (6 pm)
  • US Jobless Claims 4-week Average OCT/23 (6 pm)

MACROS

Petrol and diesel prices hiked yet again

Petrol and diesel prices are up by 35 paise a litre each coming on the back of a surge in international fuel prices. In Delhi, petrol costs Rs 108.29 a litre while the rate of diesel was Rs 97.02 per litre. Petrol in Mumbai will cost you Rs 114.14 per litre and diesel Rs 105.12 for one litre.

Clarifications on Covaxin likely by weekend

The World Health Organisation on Wednesday said it expects to receive clarifications from Bharat Biotech by the end of this week on its COVID-19 vaccine — Covaxin — and will meet on November 3 for a final risk-benefit assessment for the Emergency Use Listing.

India rejects net zero carbon emissions target

India on Wednesday rejected calls to announce a net zero carbon emissions target and said it was more important for the world to lay out a pathway to reduce such emissions and avert a dangerous rise in global temperatures.

India took $87-bn hit due to weather events: UN

India is estimated to have suffered an average annual loss of about 87 billion dollars from extreme weather events such as tropical cyclones, floods and droughts, a report by the United Nations weather agency said.

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