SGX Nifty declines 65 pts: Asian markets, oil prices, FPI flow trend, corporate actions & more
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Domestic stocks are likely to see tepid start to Friday’s trade, ahead of the release of US non-farm payrolls data scheduled for later in the day. US stocks settled mixed overnight and the trend in Asian markets was no different. Dollar fell while oil prices also declined in early trade amid concerns over China demand. Here’s what you should know before the Opening Bell:┬а
Nifty outlook
Nifty’s positive chart pattern like higher top-higher bottom is intact on the daily chart and there is no indication of any higher top reversal pattern forming at the highs. Nifty, as per weekly chart, has witnessed a sharp upside breakout of crucial resistance and the next upside levels to be watched is 19,000, said Nagaraj Shetti of HDFC Securities. Immediate support for the index is placed at 18,720 level, he said.┬а
SGX Nifty signals a weak start┬а
Nifty futures on the Singapore Exchange quoted 65 points, or 0.34per cent, lower at 18,910.50, hinting at a weak start for the domestic market on Friday.
Asian markets fall in early trade
Asian shares declined on Friday ahead of the US non-farm payrolls data. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.46 per cent in early trade but was up 4 per cent for the ongoing week. Japan’s Nikkei fell 1.9 per cent. Korea’s Kospi dropped 1.08 per cent while China’s Shanghai Composite declined 0.20 per cent. Hong Kong’s Hang Seng fell 0.4 per cent.
US stocks settle mixed
Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow Jones, while traders digested US data that suggested the Federal Reserve’s interest rate hikes are working, Reuters reported. S&P500 fell 0.08 per cent ┬аto 4,076.79. Nasdaq added 0.13 per cent to 11,482.45. Dow Jones Industrial Average slipped 0.56 per cent to 34,396.53.
Oil prices dip as dollar strengthens
Oil prices edged lower in early Asian trade on Friday as the US dollar pared some losses, while easing Covid-19 curbs in two Chinese cities limited losses. Brent crude futures were down 11 cents or 0.1 per cent at $86.77 per barrel, while US West Texas Intermediate (WTI) crude futures lost 14 cents or 0.2 per cent to $81.08 per barrel.
Corporate actions today
Friday will see two stocks Gujarat Themis Biosyn and Som Distilleries & Breweries going ex-dividend. Shares of Likhitha Infrastructure and Mefcom Capital Markets will go ex-stock split today. Adcon Capital Services will go ex-rights today.
Stocks in F&O ban
Shares of BHEL, Delta Corp, Indiabulls Housing Finance and PNB are banned in the F&O segment today. Derivative contract in a security is banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.┬а
DIIs buy shares worth Rs 2,665 crore
Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 1,565.93 crore on Thursday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 2,664.98 crore.
Rupee rises 4 paise against dollar
The rupee appreciated by 4 paise to close at 81.26 against the US dollar on Thursday on broad dollar weakness after Federal Reserve Chairman Jerome Powell pointed towards slower interest rate hikes. Forex traders said a fall in crude oil and a rally in domestic equities boosted investor sentiments while foreign fund outflows capped the rupee gains.
Also read:┬аAsian shares tentative ahead of US payrolls data, dollar nurses losses
Also read:┬а80 chemical stocks down over 25% from 52-week highs; analysts see buying opportunity in these shares
