SGX Nifty down 50 points; here’s what changed for market while you were sleeping
Domestic indices recovered in the last half hour on Wednesday to close near the day’s high with marginal gains.
The results from heavyweights over the next few days will likely give market some direction, according to analysts
The market has shown strength for the last three consecutive days and Nifty is now closer to its higher end of the trading band placed around 17800 – 17850.
On the results front, Banking and now Auto, FMCG companies have reported strong numbers providing much needed support to the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial.
STATE OF THE MARKETS
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 48 points, or 0.27 per cent, lower at 17,866, signaling that Dalal Street was headed for negative start on Thursday.
Tech View: The short term trend of the market continues to be positive.
The Nifty is now reaching towards the important resistance of 17863 levels in the short term.
There is a possibility of minor consolidation movement at the highs before showing a decisive upside breakout for the near term. Immediate support is at 17700 levels.
India VIX: India VIX, which is a measure of the fear in the markets, rose 1.15% to settle at 11.65 levels.
US stocks mixed
The tech-heavy Nasdaq closed slightly higher on Wednesday after strong Microsoft Corp results boosted technology shares, but the S&P 500 and the Dow fell on lingering concerns about a weakening U.S. economy and the banking sector.
Asian stocks decline
Asian stocks fell for a fifth day after US shares declined in an echo of the prior session as concern over American regional banks outweighed better-than-expected technology earnings.
Oil rebounds
Oil prices rose on Thursday, paring earlier losses that were fuelled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts.
Brent crude was trading at $78.04 a barrel, up 35 cents, or 0.45%, at 0039 GMT. U.S. West Texas Intermediate crude was at $74.51 a barrel, adding 21 cents, or 0.28%.
Euro near one-year peak
The euro hovered near a one-year high versus the dollar on Thursday, as Europe’s resilient economy contrasted with banking contagion risks in the United States, the debt ceiling standoff and a potential recession.
Stocks in F&O ban today
1) GNFC
2) ZEEL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
After relentless selling for the past few days, foreign portfolio investors (FPIs) turned net buyers at Rs 1,257.48 crore on Wednesday.
DIIs sold shares worth Rs 227 crore.
Rupee climbs 21 paise to 81.74 against US dollar
The rupee appreciated 21 paise to close at 81.74 against the US dollar on Wednesday, tracking the weakness of the American currency in the overseas market and gains in Asian peers.
Corporate results
HUL, Axis Bank, Bajaj Finserv, Wipro, LTIMindtree, Tech Mahindra Laurus Labs and a slew of other companies will announce their quarterly results today.
By:ET
