SGX Nifty nears 19,000 level: Fed comments, Asian markets, dollar index, FPI flows & more

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Domestic stocks may see positive start to Thursday trade, tracking overnight rally in US stocks. US Fed Chair Jerome Powell said it was time to slow the pace of interest rate hikes as Asian markets traded higher while the dollar was down more than 1 per cent. Here’s what you need to know before the opening bell:

nifty outlook

Nifty made new all time high on Wednesday. The momentum oscillator RSI has given a falling trend line breakout. Rupak Dey of LKP Securities said that important short-term moving averages are sitting below the index values, confirming the positive trend. He added that the trend is likely to remain bullish as long as it sustains above 18,600 as the support level shifts to the upside. Resistance for the index can be seen near 18,800 and 19,000 levels.

SGX Nifty is showing signs of positive opening

Nifty futures on the Singapore Exchange settled 74 points, or 0.39 per cent, higher at 18,990.50, indicating strength in the domestic market on Thursday.

Asian markets jump in early trade

Asian shares climbed on Thursday after the US Federal Reserve chairman said the central bank could slow the pace of interest rate hikes as soon as December. Japan’s Nikkei climbed 1.08 percent to 28,269.92 points. The Hang Seng closed at 19,019.37, up 2.27 percent. Korea’s Kospi rose 0.75 percent to 2,490.99. The Shanghai Composite rose 1.21 percent to 3,189.59.

US stocks closed sharply higher

Wall Street closed higher on Wednesday after Federal Reserve Chairman Jerome Powell said the central bank could reduce the pace of its interest rate hikes as early as December. The Dow Jones rose 2.18 percent to 34,589.24. At the end of the session, the S&P 500 index climbed 3.09 percent to close at 4,079.97. The Nasdaq rose 4.41 percent to 11,468.

Powell says rate hike will be slow

US Federal Reserve Chairman Jerome Powell said on Wednesday that it is time to slow the pace of upcoming interest rate hikes, signaling a longer-term economic adjustment to a world where borrowing costs will remain high. Inflation gradually comes down and the United States remains at a chronically low rate. of workers, Reuters reported.

Dollar index fell more than 1%

The dollar index, which measures the currency against six major peers including the yen and the euro, eased as low as 105.69 on Wednesday, down more than 1 percent on Thursday. It fell 5.2 percent in November, its worst monthly performance since September 2010, Reuters reported.

board meeting today

The boards of Cosmo First and Jenburkt Pharmaceuticals will meet today to consider the proposal for share buyback. The Quint Digital Media board will consider a rights issue proposal while Shreeji Translogistics’ board will consider a stock split proposal.

Stock in F&O restrictions

Shares of BHEL, Delta Corp, Indiabulls Housing and Punjab National Bank were restricted 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 bought shares worth Rs 9,010 crore!

Provisional data available with NSE showed that FPIs were net buyers of domestic stocks worth Rs 9,010.41 crore on Wednesday. Domestic Institutional Investors (DIIs) were sellers of equity worth Rs 4,056.40 crore.

Rupee strengthens by 41 paise against dollar

The rupee appreciated 41 paise to close at a two-week high of 81.31 against the dollar on Wednesday as a weak greenback and heavy foreign fund inflows into capital markets boosted investor sentiment. The local unit closed at 81.31 – the highest closing level since November 16. On Tuesday, the rupee declined by 4 paise to close at 81.72 against the dollar.

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