SGX Nifty up 55 points; here's what changed for market while you were sleeping

Nifty today, SGX Nifty, Asian shares, US stocks

Domestic stocks look set to open on a positive note on Tuesday but weak trend in other Asian markets may hurt investor sentiment, thanks to Evergrande crisis and two-day US FOMC meeting starting today. Back home, all eyes are on the IPO of Paras Defence and Space Technologies that opens for subscription today. Here’s breaking down the pre-market actions:


SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 56.5 points, or 0.33 per cent, higher at 17,430, signaling that Dalal Street was headed for a positive start on Tuesday.

  • Tech View: Nifty50 on Monday took a beating, falling below the 17,400 mark, far off its immediate support at 17,500, to send out weak signals. It formed a bearish candle on the daily chart.
  • India VIX: The fear gauge wildly spiked 15 per cent to 17.49 level on Monday over its close at 15.23 on Friday.

Asian shares drop in early trade

Financial markets in China, South Korea and Taiwan were closed on Tuesday for holidays. Other Asian markets were trading mostly lower, extending Wall Street falls on contagion fears from the expected collapse of debt-plagued Chinese property giant Evergrande. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.34 per cent.

  • Australia’s ASX 200 shed 0.13%
  • Hong Kong’s Hang Seng added 0.42%

US stocks ended sharply lower

US stocks had their biggest drop on Monday since May. Wall Street plunged as fear of contagion from a potential collapse of China’s Evergrande prompted a broad sell-off and sent investors fleeing equities for safety.

  • Dow Jones tanked 1.78% to 33,970.47
  • S&P 500 declined 1.70% to 4,357.73
  • Nasdaq dropped 2.19% to 14,713.90

Dollar edges up on safety bid

The offshore Chinese yuan weakened versus the greenback to its lowest level in nearly a month on Monday, as worries about the repercussions from property developer Evergrande’s solvency issues spooked financial markets and lifted safe-haven currencies.

  • Dollar Index jumped to 93.248
  • Euro steady at $1.1725.
  • Pound slipped to $1.3656
  • Yen strengthened to 109.32 per dollar
  • Yuan depreciated to 6.4839 against the greenback

DIIs sell shares worth Rs 1,627 crore

Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 92.54 crore, data available with NSE suggested. DIIs were net sellers to the tune of 1626.58 crore, data suggests.


Rupee: The Indian rupee fell 26 paise to close at a near four-week low of 73.74 against the US dollar on Monday as weaker Asian peers and massive sell-offs in domestic equities weighed on investor sentiment.

10-year bond: India 10-year bond eased 0.47 per cent to 6.14 after trading in 6.18 – 6.13 range.

Call rates: The overnight call money rate weighted average stood at 3.15 per cent on Friday, according to RBI data. It moved in a range of 1.95-3.40 per cent.


  • US Current Account Q2 (6 pm)
  • US Housing Starts AUG (6 pm)
  • US Building Permits AUG (6 pm)
  • AU RBA Meeting Minutes (7 am)
  • GB CBI Industrial Trends Orders SEP (3:30 pm)


No GST on back-office sector

The government has clarified that services outsourced to India or carried out in the country for foreign entities will not be treated as intermediary services, and hence not face 18% goods and services tax (GST), a relief for the country’s $180 billion back-office sector.

India Inc likely to revert to pre-pandemic salary hikes

A resurgent economy and increasing consumer confidence are likely to lift corporate India’s average increments for 2022 to the pre-pandemic level of 8.6%, according to early estimates from Deloitte’s Workforce and Increments Trends Survey.

AstraZeneca working on vaccine to prevent and cure Covid

Anglo-Swedish pharma company AstraZeneca NSE -0.72 % has mobilised research efforts to advance the development of a novel coronavirus-neutralising long-acting antibody combination (LAAB) for the potential prevention and treatment of Covid-19.

Inflation a concern for 2022: Nestle India chairman

Demand trends are still indicating mixed signals about the next few quarters, and it is difficult to say that sustained consumption is here to stay, Nestle India chairman Suresh Narayanan said. “We have to wait for a few more quarters to see if the demand is sustainable and that it’s not the last few vestiges of pent-up demand,” Narayanan said in an interview. However, there is a “strong expectation” that this festive quarter would be better than last year, he added.

EPFO adds 14.65 lakh net new subscribers in July

Formal job creation picked up pace in July as more and more industries and establishments opened up to hiring to meet spurt in demand ahead of the festive season. Payroll data by the Employees Provident Fund Organisation shows 1.46 million net new subscribers were added to the retirement fund body in July, the highest in the fiscal so far. The net new enrollments in July are 31.28% higher than June when 1.11 million net new subscribers were added to EPFO.

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