STATE OF THE MARKETS
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 26.5 points, or 0.15 per cent, higher at 18,016.5, signaling that Dalal Street was headed for a positive start on Thursday.
- Tech View: The Nifty50 formed a bullish candle for the third consecutive day. Supertrend indicator also triggered buy on September 13, and the Golden Cross was recorded on September 9 on the daily charts.
- India VIX: The fear gauge jumped sharply about 5 per cent to 18.28 level on Wednesday over its close at 17.47 on Tuesday.
Asian stocks open mostly higher
Majority of Asian stocks tracked Wall Street higher on Thursday, but gains were limited amid increased uncertainties of the US Federal Reserve’s monetary policy decision next week. MSCI’s index of Asia-Pacific shares outside Japan was trading 0.29 per cent higher.
- Japan’s Nikkei jumped 0.27%
- Australia’s ASX 200 gained 0.65%
- New Zealand’s DJ dropped 0.53%
- South Korea’s Kospi surged 0.47%
- China’s Shanghai shed 0.07%
- Hong Kong’s Hang Seng added 0.25%
US stocks edge higher
Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday’s sell-off and investors pressed the ‘pause’ button.
- Dow Jones added 0.10% to 31,135.09
- S&P 500 gained 034% to 3,946.01
- Nasdaq jumped 0.74% at 11,719.68
Dollar stands tall
The dollar stood near recent peaks on Thursday as markets increased bets the Fed has more work to do in its aggressive tightening streak to curb red-hot inflation, while wariness of intervention kept the yen steady.
- Dollar index was pinned at 109.7
- Euro edged lower to $0.9972
- Pound declined to $1.1536
- Yen was struggling at 143.02 per dollar
- Yuan exchanged hands at 6.9618 against the greenback
Oil rises on weakening dollar
Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets.
Brent crude futures rose 38 cents, or 0.4 per cent, to $94.48 a barrel by 0013 GMT, while US West Texas Intermediate crude rose 46 cents, or 0.5 per cent, to $88.94.
FIIs sell shares worth Rs 1,398 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1397.51 crore, data available with NSE suggested. However, DIIs turned net buyers to the tune of Rs 187.58 crore, data suggests.
Stocks in F&O ban today
Three stocks –
, and – is under the F&O ban for Thursday, September 15. 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.
Tamilnad Mercantile Bank’s listing
The century-old private lender-
Bank- will make its debut at Dalal Street on Thursday. It had raised Rs 831.6 crore via its initial public offering (IPO) between September 5-7 by selling its shares in the range of Rs 500-525. Ahead of listing, it was trading at a mild premium of Rs 10-12 in the grey market.
Exports up in Aug; trade deficit more than doubles
India’s exports rose marginally by 1.62 per cent to $33.92 billion, while trade deficit more than doubled to $27.98 billion in August due to increased crude oil imports, commerce ministry data showed on Wednesday.
The revised data showed that imports rose by 37.28 per cent to $61.9 billion in August this year. The preliminary data released by the ministry on September 3 had shown a 1.15 per cent decline in exports to $33 billion in August.
Rupee: The rupee declined by 35 paise to close at 79.52 against the US currency on Wednesday as higher-than-expected US CPI print resulted in risk-off sentiment among investors.
10-year bonds: India 10-year bond jumped by 0.66 per cent to 7.15 after trading in 7.12 – 7.26 range on Wednesday.
Call rates: The overnight call money rate weighted average stood at 5.13 per cent on Tuesday, according to RBI data. It moved in a range of 3.80-5.35 per cent.