SGX Nifty up 49 points: Asian markets rise, dollar fall, crude prices mixed, FPI flows & more
Dalal Street is likely to open higher on Tuesday, tracking positive global cues. Asian peers opened with gains as concerns over SVB eased. US stocks settled higher overnight. Back home, stocks may remain volatile ahead of the expiry of F&O contracts on Wednesday. Here’s what you should know before the Opening Bell:
Nifty outlook
Nifty is hovering in a slender range and awaiting further trigger. The 16,900 level is likely to cushion any immediate blip. The index has sacrosanct support at 16,800. The immediate resistance is placed at 17,100-17,200 levels, said Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One.
“Even though the indices are stuck in a range, the broader market is not at all short of action. Hence one should continue to identify such potential movers and trade accordingly. Simultaneously, one should stay abreast with global developments as they are likely to act as catalysts for our market in the short term,” he said.
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SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 48.50 points, or 0.29 per cent, higher at 17,061.50, hinting at a positive start for the domestic market on Tuesday.
Asian shares opened higher
Asian markets rebounded on Tuesday from their sluggish start to the week, after a deal to buy the assets of stricken US bank Silicon Valley Bank prompted a relief rally in financials and allayed fears of deeper systemic stress. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.36 per cent. Japan’s Nikkei added 0.07 per cent; Australia’s ASX 200 jumped 1.06 per cent; New Zealand’s DJ gained 0.38 per cent; China’s Shanghai shed 0.02 per cent; Hong Kong’s Hang Seng rose 0.11 per cent and Korea’s Kospi advanced 0.46 per cent.
Oil prices little changed
Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. West Texas Intermediate US crude gained 8 cents, or 0.1 per cent, to $72.89.
Dollar slides for 2nd┬аday
The US dollar slid for a second day against major peers on Tuesday as receding fears of a full-blown banking crisis sapped demand for the safest assets. The US dollar index declined 0.14 per cent to 102.6. The greenback dropped as much as 0.86 per cent to 130.62 yen. The euro was 0.13 per cent stronger at $1.08135 on Tuesday, while sterling added 0.24 per cent to $1.2316.
US stocks settle mixed
Wall Street equities gained and US Treasury yields rose on Monday as investor concerns about the financial system were calmed after First Citizens BancShares said it would take on the deposits and loans of failed Silicon Valley Bank. The Dow Jones Industrial Average rose 194.55 points, or 0.6 per cent, to 32,432.08, the S&P 500 gained 6.54 points, or 0.16 per cent, to 3,977.53 and the Nasdaq Composite dropped 55.12 points, or 0.47 per cent, to 11,768.84.
Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Tuesday, March 28. Derivative contracts in a security are 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.
FPIs sell shares worth Rs 891 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 890.64 crore on Monday. However, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 1,808.94 crore.
Rupee gains 9 paise against dollar
┬аThe rupee appreciated by 9 paise to close at 82.31 against the US dollar on Monday, as a positive trend in domestic equities and a weak dollar supported investor sentiments. However, relentless foreign capital outflows capped the sharp gains in the rupee, traders said
Note: With inputs from PTI, Reuters and other agencies
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