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Nifty today: SGX Nifty up 40 points; here’s what changed for market while you were sleeping

Domestic equities may be opening on a positive note, but weakness in global markets points to another subdued trading session. Options data indicates 18000-18400 as the trading range for the Nifty 50.

Here are the pre-market actions broken down:


SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 38.5 points, or 0.21 percent, higher at 18,243.50, indicating that Dalal Street was headed for a positive start on Tuesday.

  • Technical view: Charts indicate the ongoing downward correction in the market. Nifty 50 has made lower highs on the daily scale in the last three trading sessions, therefore it needs to cross and hold the levels of 18200-18250, for a rise to 18350.
  • India VIX: The risk averse mood caused the volatility index to rise by 2.8% on Monday to 14.80 points.

US stocks fall
Major Wall Street indices roughly closed Monday on fears China could take tougher measures to combat COVID-19 after saying it faces the pandemic’s toughest test.

  • Drop 0.13%
  • S&P 500 drops 0.39%
  • Nasdaq drops 1.09%

Mixed Asian equities
Asian stocks were on the defensive on Tuesday as a resurgence of COVID-19 in China raised concerns that Beijing could again impose strict pandemic restrictions and that further restrictions could disrupt the supply chain.

  • S&P 500 futures were little changed as of 8:14 a.m. in Tokyo. The S&P 500 fell 0.4% on Monday
  • Nasdaq 100 futures were little changed. Nasdaq 100 fell 1.1%
  • Nikkei 225 futures rose 0.3%
  • Hang Seng Index futures fell 0.3%
  • The Australian S&P/ASX 200 index rose 0.4%
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Dollar stable
The dollar offset some of its overnight strong gains on Tuesday after investors flocked to the safe-haven currency due to China’s COVID flare-ups, though cautious risk sentiment kept the greenback in demand.

  • The euro was little changed at $1.0241
  • The Japanese yen was little changed at 142.09 per dollar
  • The offshore yuan changed little at 7.1772 to the dollar
  • The Australian dollar was little changed at $0.6606

Oil rises
Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an oil supply increase with OPEC and its allies.

Brent crude futures rose 17 cents, or 0.2%, to $87.62 in 0007 GMT. US West Texas Intermediate (WTI) crude oil futures for January began trading on Tuesday and rose 7 cents, or 0.1%, to $80.11 a barrel.

FII/DII action

Foreign portfolio investors (FPIs) on Friday net sold shares worth Rs 1,594 crore, preliminary data showed. However, DIIs purchased shares at a cost of Rs 1,263 crore.

Stocks in F&O banned today

, Gujarat , , , and . Banned securities under the M&O segment include companies whose effect has exceeded 95% of the market-wide position limit.

Rupee: The unit fell against the dollar on Monday amid greenback strength in overseas markets. It closed at 81.79 against the dollar, up from 81.68 on Friday.

Macro news
Saudi Arabia and other OPEC oil producers are discussing an increase in oil production, according to delegates, a move that could help heal the rift with US President Joe Biden’s administration, according to The Wall Street Journal

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Kaynes Technologies is likely to witness a great listing on Dalal Street as evidenced by the gray market trends. The share was trading at a premium of Rs 200 to the issue price of Rs 587.

(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. They do not represent the views of Economic Times)



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