SGX Nifty down 210 points; here’s what changed for market while you were sleeping

STATE OF THE MARKETS


SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 214 points, or 1.25 per cent, lower at 16,966, signaling that Dalal Street was headed for a negative start on Monday.

• Tech View: Nifty50 on Friday fell below its 200-day simple moving average and formed a small bearish candle on the daily chart. On the weekly charts, it fell below the 50-period moving average and formed a long-legged Doji candle around the support level of 17,150 level, suggesting market indecisiveness.
• India VIX: The fear gauge spiked as much as 3 per cent to 18.35 level on Friday over its close at 17.85 on Thursday.

Asian shares bleed in early hours
Asian stocks opened lower on Monday after Wall Street shares plunged on anxiety over higher interest rates. Sell-off was seen across Asia and Wall Street ended the painful week. MSCI’s index of Asia-Pacific shares outside Japan was down by 1.65 per cent.

• Japan’s Nikkei plunged 1.91%
• Australia’s ASX 200 tanked 1.57%
• South Korea’s Kospi plunged 1.63%
• China’s Shanghai shed 2.45%
• Hong Kong’s Hang Seng fell 2.54%

US stocks slump on Friday
Wall Street tumbled more than 2.5 per cent on Friday, ensuring the three main benchmarks ended in negative territory for the week, as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors.

• Dow Jones tanked 2.82% to 33,811.40
• S&P 500 plunged 2.77% to 4,271.78
• Nasdaq dropped 2.55% to 12,839.29

Euro inches up
The euro gained a fraction in early trade on Monday following French President Emmanuel Macron’s comfortable Sunday defeat of far-right rival Marine Le Pen, the outcome largely expected by markets and political analysts.

• Dollar Index was pinned at 101.08
• Euro was bought at $1.0807
• Pound softened to $1.28275
• Yen struggled at 128.63 per dollar
• Yuan exchanged hands at 6.5013 against the greenback

Oil extends loss
Oil prices extended losses on Monday amid persistent worries that prolonged COVID-19 lockdowns in Shanghai and potential US rate hikes would dent global economic growth and fuel demand.

Brent crude futures slid $1.90, or 1.8 per cent, to $104.75 a barrel, while US West Texas Intermediate (WTI) crude futures fell $1.89, or 1.9 per cent, to $100.18 a barrel.

FIIs sell shares worth Rs 2,462 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,461.72 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 1,602.35 crore, data suggests. FPIs have sold equities worth Rs 12,286 crore in between April 1-22 so far.

Q4 earnings today
Century Textiles & Industries, Tata Investment Corp, Mahindra CIE Automotive, GMDC, Tatva Chintan Pharma Chem, Meghmani Finechem, Maharashtra Scooters, Eveready Industries India, Snowman Logistics and Steel Exchange India are the companies that will announce their March quarter results today.

Stocks in F&O ban today
None of the stocks are under the F&O ban for Friday. 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 25 paise to close at 76.42 against the US currency on Friday due to forex outflows and a stronger dollar which touched its 25-month high levels on expectations of a 50-basis point rate hike by the US Federal Reserve in May.

10-year bonds: India 10-year bond jumped by 0.32 per cent to 7.16 after trading in 7.15 – 7.19 range on Friday.

Call rates: The overnight call money rate weighted average stood at 3.53per cent on Friday, according to RBI data. It moved in a range of 2.20-3.90 per cent.