SGX Nifty up 46 points; here's what changed for market while you were sleeping

Nifty today, SGX Nifty, Nifty50, Nifty, India VIX

Domestic markets are likely to kick off the new week on a positive note after WHO said it was not yet clear if the Omicron variant causes more severe diseases. Asian peers were mixed after a rout in US stocks on Friday. Oil recouped some losses on Iran talks while the dollar held firm. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 46 points, or 0.27 per cent, higher at 17,089.50, signaling that Dalal Street was headed for a positive start on Monday.

Tech View: Nifty50 on Friday slipped below its 100-day moving average (DMA) and lost the important support of the 20-week moving average. Analysts are cautious and believe more downside from here cannot be ruled out.

India VIX: The fear gauge spiked wildly about 25 per cent to 20.80 level on Friday over its close at 16.66 on Thursday.

Asian shares mixed in early trade

Asian markets were mostly mixed in early trade as the spread of the Omicron variant in developed nations threatened to derail economic recoveries and the tightening plans of some central banks. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.06 per cent.

  • Japan’s Nikkei advanced 0.04 per cent
  • South Korea’s Kospi fell 0.35 per cent
  • New Zealand’s DJ gained 0.31
  • China’s Shanghai added 0.02 per cent
  • Hong Kong’s Hang Seng fell 0.34 per cent

US stocks tumble on new Covid variant

US stocks closed lower on Friday, with the Dow and S&P500 suffering their biggest one-day percentage drops in months, and pandemic-hit sectors that had gained from a reopening falling sharply after a new coronavirus mutation was found.

  • Dow Jones tanked 2.53 per cent to 34,899.34
  • S&P500 bled 2.27 per cent to 4,594.62
  • Nasdaq plunged 2.23 per cent t0 15,491.66

Currencies recover from Omicron chaos

Currency markets calmed on Monday in Asia after the initial shock of the discovery of the Omicron coronavirus variant sent investors scurrying for cover last week, but analysts warned of more volatility with little still known about the new strain.

  • Dollar Index traded at 96.204
  • Euro declined to $1.1290
  • Pound fell down to $1.3278
  • Yen shed to 113.75 per dollar
  • Yuan depreciated to 6.3855 against the greenback

Oil recoups losses; focus on Iran talks

Oil prices rose on Monday, recouping some losses after Friday’s plunge of about $10 a barrel, as investors looked for bargains but remained cautious with the focus on the Omicron coronavirus variant and Iran nuclear deal negotiations. Brent crude futures climbed $3.05, or 4.2 per cent, to $75.77 a barrel by 0014 GMT. U.S. West Texas Intermediate (WTI) crude was up $3.27, or 4.8 per cent, at $71.42 a barrel.

FPIs sell shares worth Rs 5,786 cr

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 5,785.83 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 2,294.11crore, data suggests. Overseas investors put in a net Rs 1,400 crore into equities between November 1-26.

MONEY MARKETS

Rupee: The rupee on Friday plunged by 37 paise or 0.50 per cent against the US dollar to close at a nearly month’s low as investors turned cautious in view of massive selloffs in domestic equities and worries over a new variant of COVID-19.

10-year bonds: India 10-year bond eased mildly 0.05 per cent to 6.36 after trading in 6.35 – 6.38 range on Wednesday.

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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