SGX Nifty rises 52 points: Wall Street shares snap 4-day losing run; Asian markets mixed, oil prices rise

By admin On Feb 24, 2023

Domestic stock indices are likely to open on a positive note after five straight days of fall. Asian markets were trading mixed despite a higher closing for US stocks overnight. All eyes would be on rupee-dollar exchange rate and oil prices, as provisional data showed FPIs bought Rs 1,586 crore worth domestic shares on the day of monthly F&O expiry. Here’s what you should know before the Opening Bell:

Nifty outlook

Thursday’s low of 17,455 is likely to act as immediate support for Nifty. A decisive fall below 17,450 can trigger the resumption of fall. In that case, the index can drop towards 17,200–17,150, said Rupak De of LKP Securities. If the index respects the level, it may see recovery towards 17,750–17,850, where the upper band of the falling channel lies, De said.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 52 points, or 0.30 per cent, higher at 17,643, hinting at a positive start for the domestic market on Friday.

Asian shares mixed in early trade

Asian markets were mostly mixed on Friday, even as the incoming head of Japan’s central bank soothed fears of an early end to super-easy monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, heading for a weekly drop of 1.5 per cent. Chinese blue chips fell 0.4 per cent and Hong Kong’s Hang Seng dropped 0.9 per cent while Australia’s resources-rich shares edged up 0.2 per cent.

Oil prices extend rise

Oil prices extended recent rise on Friday on expectations of steep cuts to Russian production next month, but a stronger dollar and a sharper-than-expected jump in US inventories added to demand concerns. Brent futures for April delivery were trading at $82.92 a barrel, up 0.47 per cent. WTI crude futures for April delivery were trading 0.88 per cent higher at $76.05 a barrel.

S&P500 snaps 4-day losing run

Wall Street ended a topsy-turvy Thursday in positive territory, with the S&P 500 snapping a four-session losing streak, as investors grappled with how interest rate policy might affect the US economy. The Dow Jones Industrial Average rose 108.82 points, or 0.33 per cent, to 33,153.91, the S&P500 index gained 21.27 points, or 0.53 per cent, to 4,012.32 and the Nasdaq Composite added 83.33 points, or 0.72 per cent, to 11,590.40.

Stocks in F&O ban

No stock is under F&O ban today. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of the said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs buy shares worth Rs 1,586 crore

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 1,586.06 crore on Thursday. Domestic institutional investors (DIIs) turned sellers of equities to the tune of Rs 1,417.24 crore.

Rupee rises 15 paise against dollar

The rupee appreciated by 15 paise to close at 82.73 (provisional) against the US dollar on Thursday, tracking its regional peers and lower crude oil prices. Forex traders said a muted trend in domestic equities and foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.

Note: With inputs from PTI, Reuters and other agencies

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