SGX Nifty up 100 points; here's what changed for market while you were sleeping

Nifty today, SGX Nifty, Asian stocks, US stocks, FPIs

Domestic stocks are likely to see a gap-up start on Thursday, as concerns over Evergrande crisis eases, even as the US Fed signalled quicker-than-expected rate hikes. Most Asian markets were trading up to 1 per cent higher, tracking Wall Street gains overnight. Gold prices eased while the dollar hit a one-month high. 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 103.50 points, or 0.59 per cent, higher at 17,656.50, signaling that Dalal Street was headed for a gap-up start on Thursday.

  • Tech View: Nifty50 on Wednesday formed a small bearish candle on the daily chart but analysts believe the index outlook is positive as long as it holds on to 17,500 level.
  • India VIX: The fear gauge eased 0.16 per cent to 16.49 level on Wednesday over its close of 16.52 on Tuesday.

Asian stocks trading mostly higher

Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai and Australia.

  • Markets were closed in Tokyo.
  • Australia’s ASX 200 added 1.04%
  • New Zealand’s DJ gained 0.74%
  • China’s Shanghai Composite rose 0.72%
  • Hong Kong’s Hang Seng up 1.62%

US stocks settled higher overnight

US stocks ended sharply higher on Wednesday as investors took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon.

  • Dow Jones jumped 1% to 34,258.32
  • S&P500 rose 0.95% to 4,395.64
  • Nasdaq added 1.02% to 14,896.8

Dollar hits one-month high after Fed comments

The dollar hit its highest in a month on Thursday and pressed the euro towards major support levels, after the Federal Reserve set the stage for rate hikes next year — far sooner than its developed market peers are expected to move.

  • Dollar index moved up to 93.526
  • Euro dropped to $1.1684
  • Pound hovered at $1.3615
  • Yen fell to 109.87 per dollar
  • Yuan at 6.47 against the greenback

FPIs sell shares worth Rs 1,943 crore

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1,943.26 crore, data available with NSE suggested. DIIs were buyers to the tune of Rs 1,850.02 crore, data suggests.

MONEY MARKETS

Rupee: The rupee declined by 26 paise to close at a nearly four-week low of 73.87 against the US currency on Wednesday due to a stronger dollar in overseas markets.

10-year bond: India 10-year bond rose 0.26 per cent to 6.138 after trading in 6.116- 6.140 range.

Call rates: The overnight call money rate weighted average stood at 3.18 per cent on Wednesday, according to RBI data. It moved in a range of 1.95-3.45 per cent.

DATA/EVENTS TO WATCH

  • EA ECB General Council Meeting (1:30 pm)
  • EA Markit Manufacturing PMI Flash SEP (1:30 pm)
  • EA Markit Services PMI Flash SEP (1:30 pm)
  • EA Markit Composite PMI Flash SEP (1:30 pm)
  • GB Markit/CIPS Manufacturing PMI Flash SEP (2 pm)
  • GB Markit/CIPS UK Services PMI Flash SEP (2 pm)
  • EA ECB Elderson Speech (3:15 pm)
  • GB BoE Interest Rate Decision (4:30 pm)
  • US Initial Jobless Claims 18/SEP (6 pm)
  • US Jobless Claims 4-week Average SEP/18 (6 pm)
  • US Markit Manufacturing PMI Flash SEP (7:15 pm)

MACROS

Fed taper could start soon

Federal Reserve Chair Jerome Powell said the US central bank could begin scaling back asset purchases in November and complete the process by mid-2022, after officials revealed a growing inclination to raise interest rates next year. Powell, explaining the US central bank’s first steps toward withdrawing emergency pandemic support for the economy, told reporters Wednesday that tapering “could come as soon as the next meeting.”

UK riles India with vaccination certificate snub

The UK on Wednesday added Covishield, the India-manufactured Oxford-AstraZeneca Covid-19 vaccine, to its list of approved vaccines for international travellers but refused to accept the country’s certification, triggering a fresh row. Fully vaccinated Indians will still be treated as “non-vaccinated” and be required to mandatorily quarantine upon arrival in the UK.

Modi for mutual recognition of vax certificates

Prime Minister Narendra Modi said on Wednesday that international travel should be made easier through mutual recognition of vaccine certificates, amid several countries adopting different sets of rules to allow foreigners to enter their territory in the wake of the COVID-19 pandemic.

WHO raises bar for air quality

The World Health Organization (WHO) on Wednesday announced new stringent Global Air Quality Guidelines (AQGs) — a revision of its 2005 guidelines — to assess the effects of air pollution and its health impact and nudge governments across the world to address the issue.

Coal supply shortage hurts top metals, cement makers

India’s top metals and cement makers are hurt by a fall in the availability of coal from state-owned Coal India Ltd and its subsidiaries, which are sending more of the dry fuel to the power sector while cutting down the supplies to other users.

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