SGX Nifty down 50 points; here’s what changed for market while you were sleeping

Here’s breaking down the pre-market actions:

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 52.5 points, or 0.31 per cent, per cent lower at 17,052.5, signaling that Dalal Street was headed for a negative start on Thursday.

• Tech View: Recovery in the market on Wednesday shows that indices are likely to sustain above their support levels. Nifty 50 is expected to trade range bound between 16900 and 17300 levels.

• India VIX: After rising for two straight sessions, the fear gauge cooled off due to the recovery in the market. The index ended 1.5 per cent lower at 20.1750 points.

Asian stocks
Asian stocks opened mostly lower Thursday after shares on Wall Street eased overnight ahead of the release of US inflation data. MSCI’s index of Asia-Pacific shares outside Japan was trading 0.42 per cent lower.

US stocks settled lower
Stocks ended down in volatile trading on Wednesday before highly anticipated consumer price data on Thursday is expected to show that price pressures remained elevated in September.

• Dow Jones shed 0.10% to 29,210.85
• S&P 500 retreated 0.33% to 3,577.03
• Nasdaq declined 0.09% at 10,417.10

The dollar continues to strengthen
The yen floundered near a fresh 24-year low on Thursday, while sterling held onto overnight gains as investors skittishly await an impending deadline for the end of the Bank of England’s emergency bond-buying programme. The U.S. dollar index firmed at 113.27.

Oil prices shaky
Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session.

US crude futures fell 7 cents to trade at $87.20 per barrel at 0012 GMT, while Brent crude futures fell 1 cent to trade at $92.44 per barrel.

FII action
Foreign portfolio investors (FPIs) sold in the domestic market on Wednesday as well. Net-net, they sold shares worth Rs. 542.36 crores, provisional data available with NSE suggested. DIIs remained net buyers of stocks to the tune of 85.32 crores, but this was far lesser than Rs 2,431 crores worth of purchases done on Tuesday.

Stocks in F&O ban today
Two stocks-

and Housing Finance- are under the F&O ban for Thursday, October 13. 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.

Rupee: The rupee remained steady against the dollar on Wednesday. The Indian unit settled at 82.3150 a dollar compared with 82.3125 on Tuesday.

MACRO NEWS
India’s annual inflation rate based on CPI rose to a 5-month high of 7.41 per cent in September from 7.00 per cent a month ago, primarily due to a rise in prices of food items.

India’s industrial output contracted 0.8 per cent on year in August compared with a 2.2 per cent growth in July, mainly due to a fall in manufacturing and mining output. This is the first time in 18 months that industrial production has contracted.

The Organization of Petroleum Exporting Countries (OPEC) on Wednesday cut the global crude oil demand estimate for 2022 by 500,000 barrels per day (bpd) to 2.6 million bpd. It also slashed the estimate for 2023 by 400,000 bpd to 2.3 mln bpd.

US Fed plans to continue tightening
Federal Reserve officials have been surprised at the pace of inflation and indicated at their last meeting that they expect higher interest rates to remain in place until prices come down, according to minutes released Wednesday from the central bank’s September meeting.

Earnings Thursday
14 companies are scheduled to report earnings for the quarter ended September.

and are among the major ones.