SGX Nifty up 35 points; here’s what changed for market while you were sleeping

STATE OF THE MARKETS


SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 37 points, or 0.22 per cent, higher at 17,188.50, signaling that Dalal Street was headed for a positive start on Tuesday.

• Tech View: Nifty50 on Monday fell nearly 1 per cent after two days of back-to-back rise. With this, the index slipped below its 50-day moving average and formed a bearish candle on the daily chart. Analysts are not so worried as they believe strong support for the index is placed around 17,000, which also coincides with the 200-day moving average.

• India VIX: The fear gauge rallied as much as 9 per cent to 24.62 level on Monday over its close at 22.61 level on Thursday.

Asian shares gain in early trade
Asian shares opened higher on Tuesday after a three-day weekend, despite falls of US shares on oil prices and the Fed’s hawkish comments on inflation. MSCI’s index of Asia-Pacific shares outside Japan was almost flat, up by 0.11 per cent.

• Japan’s Nikkei gained 1.56%
• South Korea’s Kospi advanced 0.58%
• Australia’s ASX 200 jumped 1.20%
• China’s Shanghai dropped 0.09%
• Hong Kong’s Hang Seng added 0.20%

US stocks settle lower
Wall Street closed lower on Monday, with stocks extending their slide after U.S. Federal Reserve Chairman Jerome Powell hinted at a more aggressive tightening of monetary policy than previously anticipated, adding to uncertainties regarding the Russian invasion of Ukraine.

• Dow Jones dropped 0.58% at 34,552.99
• S&P 500 retreated 0.04% to 4,461.18
• Nasdaq tumbled 0.40% to 13,838.46

Fed turns hawkish, Yen hits 120 mark
The yen fell through the psychological 120 level for the first time since 2016 on Tuesday, after a hawkish speech from Federal Reserve Chair Jerome Powell raised bets on higher US interest rates and widened the policy gap on a dovish Bank of Japan.

• Dollar Index held at 98.7
• Euro was dropped to $1.0992
• Pound eased to $1.3144
• Yen dropped to 120.08 per dollar
• Yuan exchanged hands at 6.3614 against the greenback

Oil prices gain
Oil prices jumped on Monday as reports that the European Union (EU) is considering a ban on Russian energy stoked fears about crude supply.

The West Texas Intermediate (WTI) for April delivery added $7.42 or 7.1 per cent, to settle at $112.12 per barrel. Brent crude for May delivery increased $7.69 or 7.1 per cent, to close at $115.62 a barrel.

FIIs sell shares worth Rs 2,962 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,962.12 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 252.91 crore, data suggests.

MONEY MARKETS

Rupee: The rupee slumped by 34 paise to close at 76.18 against the US dollar on Monday as rising crude oil prices and a lacklustre trend in domestic equities weighed on investor sentiment.

10-year bonds: India 10-year bond was gained marginally by 0.04 per cent to 6.78 after trading in 6.77 – 6.82 range on Monday.