SGX Nifty up 50 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 51.5 points, or 0.30 per cent, higher at 17,072.5, signaling that Dalal Street was headed for a positive start on Tuesday.

• Tech View: The Nifty has been in a short-term correction mode for the last couple of weeks. The index has been making lower highs and lower lows on daily charts and the SuperTrend indicator also triggered a sell on the daily charts.
• India VIX: The fear gauge spiked sharply, more than 6 per cent, to 21.89 level on Monday over its close at 20.49 on Friday.

Asian stocks trade mixed
Major Asian stocks opened higher, before turning mixed, on Tuesday as investors bargain-hunted following sharp falls in the previous session on fears over an economic slowdown. MSCI’s index of Asia-Pacific shares outside Japan was trading 0.31 per cent lower.

• Japan’s Nikkei jumped 0.63%
• Australia’s ASX 200 added 0.13%
• New Zealand’s DJ dropped 0.56%
• South Korea’s Kospi shed 0.48%
• China’s Shanghai advanced 0.12%
• Hong Kong’s Hang Seng fell 0.36%

US stocks extend losses
Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve’s aggressive campaign against inflation could throw the US economy into a sharp downturn.

• Dow Jones tanked 1.11% to 29,260.81
• S&P 500 plunged 1.03% to 3,655.04
• Nasdaq tumbled 0.60% at 10,802.92

Plunging pound pauses
Sterling steadied on Tuesday, but was perched above its record low only thanks to soaring yields on British debt and the hope of a response from policymakers or politicians, with its gyrations unnerving markets to the benefit of the dollar.

• Dollar index retreated to 113.87
• Euro edged higher to $0.9626
• Pound bounced back to $1.0770
• Yen was struggling at 144.39 per dollar
• Yuan exchanged hands at 7.1591 against the greenback

Oil prices steady
Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the US dollar, tempered an earlier selloff.

Brent crude futures rose 26 cents, or 0.3 per cent, to $84.32 per barrel by 0033 GMT, while US West Texas Intermediate (WTI) crude futures were up 19 cents at $76.90 per barrel. Both benchmarks sank by about $2 a barrel on Monday.

FIIs sell shares worth Rs 5101 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 5101.3 crore, data available with NSE suggested. However, DIIs turned net buyers to the tune of Rs 3532.18 crore, data suggests.

Stocks in F&O ban today
Three stocks –

, Zee Entertainments and – are under the F&O ban for Tuesday, September 27. 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 plunged 58 paise to close at an all-time low of 81.67 against the US dollar on Monday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit.

10-year bonds: India 10-year bond dropped sharply 0.46 per cent to 7.36 after trading in the 7.35 – 7.42 range on Monday.

Call rates: The overnight call money rate weighted average stood at 5.51 per cent on Friday, according to RBI data. It moved in a range of 3.80-5.80 per cent.