Nifty today: SGX Nifty up 45 points; here’s what changed for market while you were sleeping

Domestic stocks may open marginally higher amid a sharp fall in crude oil prices globally. But sentiment the worldover remains fragile as the US Fed Chair Jerome Powell in a testimony to US Congress said recession in the US was certainly a possibility. Weekly options expiry may also play a role in influencing the market direction today.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 46 points, or 0.30 per cent, higher at 15,443, signaling that Dalal Street was headed for a positive start on Thursday.

  • Tech View: New Delhi: Nifty50 on Wednesday saw selling pressure, as it ended up forming a bearish candle on the daily chart. The index failed to see a follow through buying, following the breach of 15,200-15,400 range in the previous session, reflecting a lack of strength.
  • India VIX: The fear gauge rose 0.874 per cent to 21.30 level on Wednesday against its previous close 21.14 level.

Asian shares open mostly flat
Asian markets were mostly flat in the morning trade amid concerns of a potential recession in the US. MSCI’s index of Asia-Pacific shares outside Japan was down 0.08 per cent.

  • Japan’s Nikkei rose 0.02%
  • Australia’s ASX 200 gained 0.34%
  • South Korea’s Kospi fell 0.06%
  • China’s Shanghai added 0.15%
  • Hong Kong’s Hang Seng up 0.48%

US stocks settled lower
Major US stock indices ended slightly lower on Wednesday, losing early gains tied to remarks by Federal Reserve Chair Jerome Powell that the US central bank is “strongly committed” to bringing down inflation, while sharply lower oil prices weighed on energy shares.

  • Dow Jones fell 0.15% to 30,483.13
  • S & P500 lost 0.13% to 3,759.89
  • Nasdaq dropped 0.15% to 11,053.08

Powell says committed to fighting inflation
The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, US central bank chief Jerome Powell said on Wednesday. Powell acknowledged that a recession was “certainly a possibility” and events in the last few months around the world had made it more difficult to reduce inflation without causing one.

Oil prices plunged 3% overnight
Oil prices fell Wednesday on worries over weakening demand in the slowing global economy as Federal Reserve Chief Jerome Powell acknowledged interest rate hikes could lead to a recession. Brent futures fell 2.5 per cent to $ 111.74 per barrel while the West Texas Intermediate futures declined 3 per cent to $ 106.19 per barrel.

FIIs sell shares worth Rs 2,921 crore
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,920.61 crore, data available with NSE suggested. However, DIIs remained net buyers to the tune of Rs 1,859.07 crore, data suggests.

3 stocks in F&O ban today
Three stocks –

and – remain under the F&O ban for Thursday, June 23. 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.

MONEY MARKETS

Rupee: The rupee declined by 19 paise to settle at an all-time low level of 78.32 against the US dollar on Wednesday due to unabated foreign fund outflows and losses in the domestic equities.

10-year bonds: India 10-year bond fell 0.08 per cent to 7.396 after trading in 7.382 – 7.448 range on Wednesday.

Call rates: The overnight call money rate weighted average stood at 4.62 per cent on Tuesday, according to RBI data. It moved in a range of 2.35-4.90 per cent.

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