SGX Nifty climbs 95 points: Fed minutes, Asian markets, crude oil, F&O expiry, corporate actions & more

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Domestic stocks are likely to see a positive start to Thursday’s trade, as the Fed minutes of the most recent policy review suggested most policymakers were eyeing a slower rate hike. That said, volatility may increase as the session progresses, thanks to the expiry of November F&O contracts. In early trade, Asian markets were mostly trading with a rise. Here’s what you need to know before the opening bell:

nifty outlook

Nagaraj Shetty of HDFC Securities said that on the weekly chart, Nifty continues to remain in an uptrend and the current consolidation or slight weakness in the market should be considered as an opportunity to ‘buy on dips’. He added that as long as the support of 18,100-18,000 levels is secure, the consolidation movement can be expected to continue.

SGX Nifty is showing signs of positive opening

Nifty futures on the Singapore Exchange rose 95 points, or 0.52 per cent, to 18,472 on Thursday, indicating a positive opening for the domestic market.

Asian markets are up in early trade

Asian markets edged higher in Thursday trade as the minutes of the US Federal Reserve’s November meeting indicated a slower Fed rate hike. Japan’s Nikkei rose 1.31 per cent, Hong Kong’s Hang Seng 1.03 per cent, Korea’s Kospi 0.6 per cent while China’s Shanghai Composite index rose 0.30 per cent. Taiwan’s main index strengthened by 0.48 percent.

US stocks closed higher

US stocks rose on Wednesday after minutes of the Federal Reserve’s November meeting suggested the pace of interest rate hikes could soon slow. A ‘substantial majority’ of policymakers agreed it would ‘soon be appropriate’ to slow the pace of interest rate hikes, minutes of the November 1-2 meeting showed. The Dow Jones index rose 95.96 points, or 0.28 percent, to 34,194.06. The S&P 500 index rose 23.68 points, or 0.59 percent, to 4,027.26. The Nasdaq Composite Index rose 110.91 points, or 0.99 percent, to 11,285.32.

Oil prices fall on fears of supply disruption

Oil prices declined on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a higher price cap on Russian oil. A higher-than-expected build-up in US gasoline inventories added downward pressure. Brent crude futures were down 43 cents, or 0.5 percent, at $84.98 a barrel, while US WTI crude futures were down 35 cents, or 0.5 percent, at $77.59 a barrel.

corporate action today

There will be ex-dividend on six stocks namely Bharat Forge, JM Financial, Power Finance Corporation, Cupid, Diamines & Chemicals and Polyplex Corporation on Thursday. Housing Development and Infrastructure will present its quarterly results today. The Board of SRG Housing Finance will consider the resolution for issue of warrants today.

Stock in F&O restrictions

Punjab National Bank shares are banned in the F&O segment today. Derivative contracts in a security are banned when they exceed 95 per cent of the market-wide position limit (MWPL). No new position can be created in the derivative contracts of the said security. This restriction is lifted when the open interest in MWPL’s stock on the exchanges falls below 80 per cent.

FPI sold shares worth Rs 790 crore

Provisional data available with NSE showed that FPIs were net sellers of domestic stocks worth Rs 789.86 crore on Wednesday. Domestic institutional investors (DIIs) were buyers of equity worth Rs 413.75 crore.

Rupee lost 26 paise against dollar

The rupee depreciated 26 paise to close at 81.93 against the dollar on Wednesday due to increased demand for the greenback from importers and banks. Forex traders said persistent foreign capital outflows also weighed on sentiment. The rupee touched a high of 81.74 and a low of 81.93 during the session.

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