SGX Nifty up 70 points; here’s what changed for market while you were sleeping

STATE OF THE MARKETS


SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 73 points, or 0.40 per cent, higher at 18,206.50, signaling that Dalal Street was headed for a positive start on Monday.

• Tech View: Nifty50 on Friday closed above the 18,100 mark, ending a three-day losing streak. The index formed a bullish candle on both the daily and weekly charts, but the weekly chart registered a long lower wick.
• India VIX: The fear gauge eased down to 15.22 level on Friday over its close at 16.35 level on Thursday.

Asian shares traded mostly higher
Asian stocks opened mostly higher on Monday following Wall Street gains, as investors digested data showing a worse-than-expected contraction of Japan’s economy in the Covid-hit third quarter. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.37 per cent.

• Japan’s Nikkei jumped 0.45%
• South Korea’s Kospi soared 1.05%
• Australia’s ASX 200 gained 0.36%
• China’s Shanghai shed 0.13%
• Hong Kong’s Hang Seng fell 0.04%

US stocks settled higher
Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting indexes’ climb as investors looked past disappointing U.S. economic data. Despite their advances, all three major US stock indices ended the session below last Friday’s close, ending a five-week streak of weekly gains.

• Dow Jones gained 0.50% to 36,100.31
• S&P 500 advanced 0.72% to 4,682.85
• Nasdaq jumped 1.00% at 15,860.96

Dollar near 16-month high
The dollar hovered below an almost 16-month high versus major peers on Monday, as traders awaited fresh clues on the US economy after bringing forward last week bets for a Federal Reserve interest rate hike on the back of red-hot inflation.

• Dollar Index little changed to 95.120
• Euro moved up to $1.14455
• Pound spiked to $1.3421
• Yen declined to 113.965 per dollar
• Yuan appreciated to 6.3816 against the greenback

Oil had tough week
Oil prices had a tougher week, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the U.S. Strategic Petroleum Reserve. Early Monday, Brent had bounced 21 cents to $82.38 a barrel, while U.S. crude added 28 cents to $81.07.

FPIs buy shares worth Rs 1,637 cr
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 511.1 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 851.41 crore, data suggests. FPIs pulled out Rs 4,694 crore from equities between November 1-12.

Q2 earnings
Rajesh Exports, Tinplate Company of India, Jai Balaji Industries, East India Securities, Prabhat Technologies, PG Foils, Aditya Birla Money, MSP Steel & Power, SPEL Semiconductor, HKG, Rollatainers, GV Films and Simmonds Marshall are among the companies that will announce their September quarter results today.

Three listings today
As many as three companies will make their Dalal Street debut today. PB Fintech, the parent of PolicyBazaar and PaisaBazaar, raised Rs 5,625 crore via IPO. The company sold its shares in the range of Rs 940-980. Sigachi Industries raised Rs 125.43 crore via its initial stake sale, selling the shares in the range of Rs 161-163. SJS Enterprises sold its shares at Rs 542 per share to raise Rs 800 crore.

MONEY MARKETS

Rupee: The rupee strengthened by 7 paise to close at 74.45 against the US dollar on Friday, as a firm trend in domestic equities boosted investor sentiments. Lower crude prices in the international market also supported the local unit.

10-year bonds: India 10-year bond jumped marginally 0.02 per cent to 6.37 after trading in 6.35 – 6.38 range on Thursday.

Call rates: The overnight call money rate weighted average stood at 3.19 per cent on Friday, according to RBI data. It moved in a range of 2.00-3.50 per cent.