The domestic equity market was set for a gap-down start on Friday, following negative cues from peers and rising tensions between Russia and Ukraine. US stocks settled lower during overnight trade, followed by a sharp fall in Asian stocks in the early morning. A Ukrainian nuclear plant, Europe’s largest, caught fire after an attack by Russians. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 239 points, or 1.45 per cent, lower at 16,272.50, signaling that Dalal Street was headed for a negative start on Friday.
- Tech View: Nifty50 on Thursday formed a long bearish candle on the daily chart, following an indecisive candle the previous day, suggesting weakness. Stay light on positions, analysts said.
- India VIX: The fear gauge slumped almost 4 per cent to 28.16 level on Thursday over its close at 29.23 on Wednesday.
Asian shares fall
Asian stocks tumbled at the open Friday on growing fears about the Ukraine war as it emerged that a fire had broken out at Europe’s biggest nuclear power plant after it was hit by Russian shelling. MSCI’s index of Asia-Pacific shares outside Japan was down by 1.31 per cent.
- Japan’s Nikkei crumbled 2.17%
- South Korea’s Kospi tumbled 1.12%
- Australia’s ASX 200 plunged 1.05%
- China’s Shanghai tanked 1.01%
- Hong Kong’s Hang Seng fell 2.43%
Wall Street ends lower
US stocks ended another bumpy day lower on Wall Street and crude oil prices eased back as markets remain concerned about the broader impact of Russia’s invasion of Ukraine.
- Dow Jones dropped 0.29% to 33,794.66
- S&P 500 declined 0.53% to 4,363.49
- Nasdaq tumbled 1.56% to 13,537.94
Euro tumbles further
The euro was set for its worst week versus the dollar in nine months, as the war in Ukraine and the prospect of sustained high commodity prices continued to drag on expectations of European economic growth.
- Dollar Index move up to 97.940
- Rouble slumped to 106.01 per dollar
- Euro dropped to $1.1009
- Pound slipped to $1.3326
- Yen held at 115.50 per dollar
- Yuan exchanged hands at 6.3194 against the greenback
Oil jumps over supply issues
Oil prices rebounded on Friday as the disruption of Russian oil exports because of western sanctions outweighed the prospect of more Iranian supplies from a possible nuclear deal.
Brent crude futures for May rose to as much as $114.23 a barrel and were at $113.72, up $3.26, or 3 per cent. US West Texas Intermediate for April rose $4.15, or 3.9 per cent, to $111.82 a barrel after touching a high of $112.84 earlier in the session.
FIIs sell shares worth Rs 6,645 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 6,644.65 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 4,799.24 crore, data suggests.
MONEY MARKETS
Rupee: The rupee declined by 14 paise to close at 75.94 against the US dollar on Thursday, pressured by surging crude oil prices amid intensifying conflict between Russia and Ukraine.
10-year bonds: India 10-year bond jumped over 0.18 per cent to 6.83 after trading in 6.82 – 6.85 range on Thursday.
Call rates: The overnight call money rate weighted average stood at 3.27 per cent on Thursday, according to RBI data. It moved in a range of 2.20-3.45 per cent.
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