SGX Nifty up 37 points; here's what changed for market while you were sleeping

Nifty today, SGX Nifty, Nifty futures, Nifty50, India VIX, Star Health IPO

The domestic equity market is set for a gap-up opening on Tuesday, following a sharp rebound in US stocks in overnight trade. Asian peers were trading mixed, despite the ease in concerns over new virus variant. Back home, all eyes will be set on the debut of Go Fashion and the IPO of Rakesh Jhunjhunwala-backed Star Health. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals positive start

Nifty futures on the Singapore Exchange traded 36.5 points, or 0.21 per cent, higher at 17,126.50, signaling that Dalal Street was headed for a positive start on Tuesday.

Tech View: Nifty50 on Monday traded in a wide range and eventually formed an indecisive Doji Cross on the daily chart. The index witnessed selling pressure at 100-day EMA.

India VIX: The fear gauge gained marginally to 20.83 level on Monday over its close at 20.80 on Friday.

Asian shares trade mostly higher

Asian share markets were trading in mostly positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.29 per cent.

  • Japan’s Nikkei advanced 1.16 per cent
  • South Korea’s Kospi shed 0.29 per cent
  • Australia’s ASX 200 gained 1.31 per cent
  • China’s Shanghai added 0.40 per cent
  • Hong Kong’s Hang Seng fell 0.78 per cent

Wall Street rebounds after selloff

Wall Street stocks closed higher on Monday, regaining some of the ground they lost in Friday’s sell-off, as investors were hopeful that the Omicron coronavirus variant would not lead to lockdowns after reassurance from U.S. President Joe Biden.

  • Dow Jones gained 0.68 per cent to 35,135.94
  • S&P 500 soared 1.32 per cent to 4,655.27
  • Nasdaq advanced 1.88 per cent to 15,782.83

Currencies stabilise as Omicron fears recede

The dollar hovered on Tuesday above the one-week low against major peers it hit last week, as fears eased that the new Omicron coronavirus variant would derail the U.S. recovery and delay Federal Reserve interest rate hikes.

  • Dollar Index traded at 96.203
  • Euro was flat at $1.12955
  • Pound held at $1.3327
  • Yen shed to 113.80 per dollar
  • Yuan depreciated to 6.3742 against the greenback

Oil prices rises

Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations major producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant.

U.S. West Texas Intermediate (WTI) crude futures jumped 99 cents, or 1.4 per cent, to $70.94 a barrel at 0105 GMT. Brent crude futures climbed 82 cents, or 1.1 per cent, to $74.26 a barrel.

FPIs sell shares worth Rs 3,332 cr

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 3332.21 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 4611.41 crore, data suggests.

Go Fashion listing

The leading player of women’s bottom wear will make its Dalal Street Debut on Monday. The company sold its shares in the range of Rs 655-690 between November 17-22 to raise Rs 1,013.61 crore via IPO. Just a day before listing, It was commanding a premium of Rs 490 per share, a premium of 70 per cent in the grey market.

Star Health IPO kicks off

The Rs 7,249-crore IPO by Star Health & Allied Insurance Company (Star Health) is set to hit the market on Tuesday. Rakesh Jhunjhunwala backed health insurer will sell its shares in the range of Rs 870-900 apiece between November 30 – December 2. It is a leader in the standalone health insurance segment.

MONEY MARKETS

Rupee: The rupee on Monday dived 18 paise to close at a five-week low of 75.07 against the US dollar as fresh worries over new coronavirus variants weighed on already weak investor sentiment.

10-year bonds: India 10-year bond rose marginally 0.08 per cent to 6.33 after trading in 6.32 – 6.37 range on Monday.

Call rates: The overnight call money rate weighted average stood at 3.21 per cent on Friday, according to RBI data. It moved in a range of 2.00-3.50 per cent.

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