The domestic equities may open with a negative bias tracking their Asian peers as news of growing unrest in China over Covid restrictions hit sentiments. Global markets will continue to provide cues for equities in early trade.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 70.5 points, or 0.38 per cent, lower at 18,590.50, signaling that Dalal Street was headed for a negative start on Monday.
- Tech View: Technical charts indicate bullish trend for the Nifty 50. The index has to hold above 18500 for an up move towards 18600-18880 zones, whereas major support is seen at 18200 level.
- India VIX: The volatility index ended lower on Friday amid the positive trend in the market. The index ended 1% lower at 13.33 points.
US stocks mixed
The Nasdaq closed lower on Friday with pressure from Apple Inc in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China.
- Dow up 0.45%,
- S&P 500 down 0.03%
- Nasdaq dips 0.52%
Asian stocks skid
Asian stocks slipped on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID policy raised worries about management of the virus in the world’s second-largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6%, after U.S. stocks ended the previous session with mild losses.
Dollar rises
The dollar gained broadly on Monday as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback.
Oil drops
Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting. Brent crude dropped $1.01, or 1.2%, to trade at $82.62 a barrel at 0110 GMT. U.S. West Texas Intermediate (WTI) crude slid $1.09, or 1.4%, to $75.19.
FII/DII action
Foreign portfolio investors (FPIs) on Friday net bought shares worth Rs 369 crore, provisional data showed. DIIs, however, sold shares to the tune of Rs 296 crore.
Stocks in F&O ban today
Nil. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Rupee: The Indian unit fell against the dollar on Friday and ended the week almost flat. The rupee settled at 81.68 per dollar from 81.63 in the previous session.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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