SGX Nifty sheds 46 points: Asian markets, crude oil prices, dollar movement, corporate actions & more

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Domestic stocks are likely to open on a muted note on Friday amid lack of directional cues as US markets remained closed overnight on account of Thanksgiving Day. Asian markets were trading marginally lower on Friday morning, while crude oil prices and the dollar index edged higher. Here’s what you need to know before the opening bell:

nifty outlook

The daily momentum indicator RSI of Nifty is in a positive crossover. Rupak Dey of LKP Securities said the trend looks positive as long as the index sustains above 18,350. At the higher end, resistance is visible at 18,650, he said, adding that breach of the level would push the Nifty higher.

SGX Nifty is showing signs of weak opening

Nifty futures on the Singapore Exchange settled 46 points, or 0.25 per cent, lower at 18,622, indicating a weak start for the domestic market on Friday.

Asian markets fall in early trade

Asian markets declined marginally on Friday morning amid rising Covid cases in China and inflation concerns in Japan. Japan’s Nikkei was down 0.20 percent, China’s Shanghai Composite 0.13 percent, Hong Kong’s Hang Seng 1.27 percent and Korea’s Kospi was down 0.09 percent.

US stocks closed for Thanksgiving Day

Major US indices were closed on Thursday on account of Thanksgiving Day. Indices closed higher on Wednesday after minutes of the Federal Reserve’s November meeting suggested the pace of interest rate hikes may soon slow. On Wednesday, the Dow Jones Index closed at 34,194.06 with a gain of 95.96 points or 0.28 per cent. 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.

rise in oil prices

Oil prices edged higher on Friday morning, recouping some of the week’s losses. Brent crude futures were trading up 13 cents, or 0.2 percent, at $85.47 a barrel. US West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.5 percent, to $78.32 a barrel. Reuters reported that there was no WTI settlement on Thursday due to the US Thanksgiving holiday.

corporate action today

At least three stocks going ex-dividend on Friday Maharashtra Seamless, Commercial Syn Bags and Veer Energy, five stocks Abnus Enterprises, Premco Global, Golechha Global Finance, Nile and Manaksia ex-dividend and two stocks Dev Information Technology and Mafatlal Industries are going pre-partition today. Two stocks Ronnie Households and SMC Credit will also get ex-righted today.

Stock in F&O restrictions

There is no restriction on any security in the F&O segment today. A derivative contract in a security is prohibited when it crosses 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 1,232 crore

Provisional data available with NSE showed that FPIs were net buyers of domestic stocks worth Rs 1,231.98 crore on Thursday. Domestic Institutional Investors (DIIs) were sellers of equity worth Rs 235.66 crore.

Rupee strengthened by 23 paise against dollar

The rupee strengthened by 23 paise to close at 81.70 against the dollar on Thursday due to a weak greenback and a rise in domestic equities in the overseas market. Forex traders said the dollar fell in international trade following weak US data and dovish Fed minutes. The local unit touched a high of 81.60 and a low of 81.77 during the day.

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