SGX Nifty down 260 points; here’s what changed for market while you were sleeping

STATE OF THE MARKETS


SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 261.5 points, or 1.53 per cent, lower at 16,865, signaling that Dalal Street was headed for a negative start on Monday.

• Tech View: Nifty50 on Friday formed a Bearish Engulfing pattern on the daily chart and settled below its 200-day and 50-day simple moving averages. On the weekly scale it formed a small bullish candle with a long upper wick, suggesting selling at higher levels. Analysts are not optimistic as they see the index consolidating and eventually slipping below 16,800 in coming days.
• India VIX: The fear gauge gained marginally, less than a per cent, to 19.42 level on Friday over its close at 20.60 on Thursday.

Asian shares tumble in early trade
Mostly Asian shares drifted lower on Monday ahead of three consecutive public holidays, as investors focused on an upcoming US Federal Reserve monetary policy meeting. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.69 per cent.

• Japan’s Nikkei tanked 0.85%
• Australia’s ASX 200 droped 1.71%
• South Korea’s Kospi shed 0.76%
• New Zealand’s DJ plunged 1.70%
• China’s Shanghai added 0.42%
• Hong Kong’s Hang Seng fell 0.46%

US stocks end sharply lower
Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates.

• Dow Jones tanked 2.77% to 32,977.21
• S&P 500 tumbled 3.63% to 4,131.93
• Nasdaq plunged 4.17% to 12,334.64

Oil prices drop
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world’s top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.

Brent crude futures fell $1.21, or 1.1 per cent, to $105.93 a barrel at 0205 GMT, while US West Texas Intermediate (WTI) crude futures fell 99 cents, or 1 per cent, to $103.70 a barrel.

FIIs sell shares worth Rs 3,648 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 3648.3 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 3,490.3 crore, data suggests. FPIs pulled out Rs 17,144 crore from the Indian equity market in April 2022.

Q4 earnings today
HDFC, Adani Wilmar,

Industries, , IDBI Bank, CG Power, M&M Financial Services, , Alembic Pharma, Castrol India, Jindal Stainless, Saregama India, Inox Leisure and JBM Auto are among the companies that will announce their March quarter results today.

Stocks in F&O ban today
Since it is the beginning of the May series contracts, none of the stocks are under the F&O ban for Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

Core sector growth slowed to 4.3% in March
India’s eight core sectors grew by 4.3 per cent in March, down from 6 per cent in February, the ministry of commerce said. Only three of the eight core sectors, namely, fertiliser, cement, and electricity, exhibited faster rates of output growth in March as per the latest data.

MONEY MARKETS

Rupee: The rupee appreciated by 11 paise to close at 76.50 against the US dollar on Friday as the greenback retreated from its 20-year high. Expectations of foreign fund inflows in the LIC IPO which will open next week, and possible central bank’s intervention also supported the rupee sentiment.

10-year bonds: India 10-year bond dropped 0.22 per cent to 7.14 after trading in 7.12 – 7.18 range on Friday.

Call rates: The overnight call money rate weighted average stood at 3.64 per cent on Friday, according to RBI data. It moved in a range of 2.30-3.95 per cent.