SGX Nifty down 400 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 406.5 points, or 2.51 per cent, lower at 15,837.50, signaling that Dalal Street was headed for a negative start on Monday.

• Tech View: Nifty50 on Thursday formed a long bearish candle on the daily chart, following an indecisive candle the previous day, suggesting weakness. Stay light on positions, analysts said.
• India VIX: The fear gauge dropped almost a per cent to 27.96 level on Friday over its close at 28.16 on Thursday.

Asian shares open with gains
Asian stocks dropped three percent in morning trade Monday on concern over the war in Ukraine and as crude oil prices neared an all-time high. MSCI’s index of Asia-Pacific shares outside Japan was down by 2.41 per cent.

• Japan’s Nikkei crumbled 3.60%
• South Korea’s Kospi tumbled 2.50%
• Australia’s ASX 200 plunged 1.34%
• China’s Shanghai tanked 1.35%
• Hong Kong’s Hang Seng fell 4.30%

Wall Street ends lower
Wall Street ended lower on Friday as the war in Ukraine overshadowed an acceleration in US jobs growth last month that pointed to strength in the economy.

• Dow Jones dropped 0.53% to 33,614.80
• S&P 500 declined 0.79% to 4,328.87
• Nasdaq tumbled 1.66% to 13,313.44

Euro slides over inflationary shock
The euro tumbled to a fresh 22-month low on the dollar and hit multi-year troughs on the yen, Swiss franc and sterling as war in Ukraine drove up commodity prices and stoked fears of a stagflationary shock that would hurt Europe most of all.

• Dollar Index held close to 98.826
• Rouble was pinned at 105 per dollar
• Euro dropped to $1.0864
• Pound slipped to $1.3201
• Yen held at 114.93 per dollar
• Yuan exchanged hands at 6.3217 against the greenback

Oil spikes to 2008 highs
Oil prices soared more than 6 per cent, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Brent crude futures rose $8.46, or 7.2 per cent, to $126.57 a barrel by 0128 GMT, while US West Texas Intermediate (WTI) crude rose $7.65, or 6.6 per cent, to $123.33.

FIIs sell shares worth Rs 7,631 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 7,631.02 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 4,738.99 crore, data suggests.

MONEY MARKETS

Rupee: The Indian rupee weakened by 22 paise to 76.16 against the US dollar on Friday as a sharp rise in crude oil prices amid the ongoing Russia-Ukraine conflict dampened investors’ sentiments.

10-year bonds: India 10-year bond dropped about 0.19 per cent to 6.81 after trading in 6.80 – 6.82 range on Friday.

Call rates: The overnight call money rate weighted average stood at 3.28 per cent on Friday, according to RBI data. It moved in a range of 2.20-3.55 per cent.