The domestic equity market was set for a negative start to the week, in contrast to trends across the globe. Asian peers were trading higher in early hours, whereas US stocks settled in green in weekend trade. The dollar stood firm, thanks to geopolitical worries. Crude lost some footing. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 38 points, or 0.21 per cent, lower at 17,705, signaling that Dalal Street was headed for a negative start on Monday.
- Tech View: Nifty50 on Friday climbed over 1 per cent and broke above its consolidation range of 17,000-17,500 with ease. The index formed bullish candles on both daily and weekly scales, suggesting the bulls are in the driver’s seat.
- India VIX: The fear gauge tanked more than 10 per cent to 18.44 level on Friday over its close at 20.56 on Thursday.
Asian shares rise in early trade
Asian shares opened higher on Monday, tracking gains on Wall Street, but early trade was volatile and gains were majorly capped as investors eyed developments in Ukraine and Covid-19 lockdowns in China. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.35 per cent.
- Japan’s Nikkei advanced 0.06%
- South Korea’s Kospi surged 0.19%
- Australia’s ASX 200 jumped 0.02%
- China’s Shanghai rallied 0.94%
- Hong Kong’s Hang Seng added 0.68%
US shares settle higher
US equities closed the first session of the second quarter higher on Friday after data showed American businesses adding workers in March, though the manufacturing sector is struggling amid high inflation.
- Dow Jones added 0.40% at 34,818.27
- S&P 500 jumped 0.34% to 4,545.86
- Nasdaq gained 0.29% to 14,261.50
Dollar firm, Euro weighed down
The dollar made a firm start to the week as Treasury yields rose with expectations of rapid-fire U.S. interest rate hikes, while talk of bans on Russian gas kept the euro within sight of its 2022 lows.
- Dollar Index held firm at 98.529
- Euro dropped down to $1.1047
- Pound was hovering at $1.3155
- Yen was trading at 122.33 per dollar
- Yuan exchanged hands at 6.3492 against the greenback
Oil extends losses
Oil prices extended losses on Monday as investors eyed the release of supplies from strategic reserves from consuming nations, while a truce in Yemen could ease supply disruption concerns in the Middle East.
Brent crude futures fell 79 cents, or 0.8 per cent, to $103.60 a barrel by 0037 GMT while US West Texas Intermediate crude was at $98.45 a barrel, down 82 cents, or 0.8 per cent. Both contracts slipped $1 when markets opened on Monday.
FIIs buy shares worth Rs 1,910 cr
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 1,909.78 crore, data available with NSE suggested. DIIs turned net sellers to the tune of Rs 183.79 crore, data suggests. However, FPIs were net sellers to the tune of Rs 41,123 crore in the equity market last month.
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