STATE OF THE MARKETS
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 19 points, or 0.11 per cent, lower at 16,793, signaling that Dalal Street was headed for a negative start on Friday.
- Tech View: The Nifty50 formed a long bearish candle on the daily charts on Thursday as the index ended with a loss of 40.5 points near the 16,800 mark on the monthly expiry day. Making lower highs and lower lows for the seventh consecutive day, the Nifty has faced resistance from its 200-DMA level.
- India VIX: The fear gauge dropped almost 4 per cent to 21.30 level on Thursday over its close at 22.09 on Wednesday.
Asian stocks open mostly lower
Major Asian stocks opened lower on Friday, extending falls on Wall Street where higher US Treasury yields, inflation and rising recession fears persisted. MSCI’s index of Asia-Pacific shares outside Japan was trading 0.11 per cent higher.
- Japan’s Nikkei plunged 1.50%
- Australia’s ASX 200 tanked 0.55%
- New Zealand’s DJ dropped 2.22%
- South Korea’s Kospi added 0.07%
- China’s Shanghai decelined 0.31%
- Hong Kong’s Hang Seng shed 0.26%
US stocks settle sharply lower
Wall Street ended sharply lower on Thursday on worries that the Federal Reserve’s aggressive fight against inflation could hobble the US economy, and as investors fretted about a rout in global currency and debt markets.
- Dow Jones tumbled 1.54% to 29,225.61
- S&P 500 plunged 2.11% to 3,640.47
- Nasdaq tanked 2.84% at 10,737.51
Oil prices hold steady
Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, underpinned by a weaker US dollar and the possibility that OPEC+ may agree to cut crude output when it meets on October 5.
US West Texas Intermediate (WTI) crude futures for November delivery rose 6 cents to $81.29 a barrel at 0054 GMT. Brent crude futures for November, which expire on Friday, inched up 2 cents to $88.51 a barrel.
FIIs sell shares worth Rs 3,600 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 3,599.42 crore, data available with NSE suggested. However, DIIs turned net buyers to the tune of Rs 3,161.73 crore, data suggests.
Stocks in F&O ban today
Since the October series kicks off today, no stocks are under the F&O ban for Friday, September 30. 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.
Rupee: The rupee on Thursday recovered from record lows to settle 20 paise higher at 81.73 against US dollar ahead of the RBI monetary policy decision scheduled to come out on Friday. Heavy capital outflows restricted the rupee gain.
10-year bonds: India 10-year bond gained 0.10 per cent to 7.34 after trading in 7.28 – 7.34 range on Thursday.
Call rates: The overnight call money rate weighted average stood at 5.51 per cent on Wednesday, according to RBI data. It moved in a range of 3.80-5.75 per cent.