Domestic equity market looks set to open on a positive note on Thursday, following overnight gains in the US stocks even as Asian markets traded mixed earlier today. Back home, all eyes will be on the RBI policy meet outcome while corporate earnings announcements are likely to also sway market mood. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 36.5 points, or 0.21 per cent, higher at 17,520.50, signaling that Dalal Street was headed for a positive start on Thursday.
- Tech View: Nifty50 on Wednesday climbed over 1 per cent after signalling a reversal in the previous session. The index formed a bullish candle on the daily chart. Analysts are optimistic of a further up move, but said the index may face some resistance in the 17,550-17,650 range.
- India VIX: The fear gauge spike dropped about 6 per cent to 18.56 level on Wednesday over its close at 20.44 on Tuesday.
Asian shares trade mixed
Asian share opened higher, before turning mix, on Thursday after solid gains on Wall Street as investor sentiment improves ahead of a key inflation reading. MSCI’s index of Asia-Pacific shares outside Japan was up merely 0.03 per cent.
- Japan’s Nikkei advanced 0.05%
- South Korea’s Kospi dropped 0.21%
- Australia’s ASX 200 added 0.02%
- China’s Shanghai dropped 0.03%
- Hong Kong’s Hang Seng fell 0.32%
US stocks settled higher
Wall Street jumped on Wednesday, closing sharply higher as megacap growth stocks powered up thanks to a pause in rising interest rates, and upbeat earnings reports also encouraged investors to buy.
- Dow Jones gained 0.86% to 35,768.06
- S&P 500 surged 1.45% to 4,587.18
- Nasdaq rallied 2.08% to 14,490.37
Oil prices mixed
Oil prices were mixed on Thursday, after rallying on an unexpected drop in US crude inventories in the previous session, as investors await the outcome of US-Iran nuclear talks that could add crude supplies quickly to global markets. Brent crude futures slid 10 cents, or 0.1 per cent, to $91.45 a barrel, while US West Texas Intermediate crude was at $89.74 a barrel, up 8 cents.
FIIs sell shares worth Rs 893 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 892.64 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 1,793.35 crore, data suggests.
Q3 earnings today
Hindalco Industries, Mahindra & Mahindra, Zomato, Piramal Enterprises, Hero MotoCorp, ABB India, Page Industries, Hindustan Aeronautics, Trent, IRFC, Bharat Forge, MRF, Cummins India, Dr Lal Pathlabs, GIC of India, Tata Chemicals, Whirlpool of India and Sun TV are among the companies that will announce their December quarter results today.
MONEY MARKETS
- Rupee: The rupee declined by 10 paise to close at 74.84 against the US dollar on Wednesday amid persistent foreign fund outflows and elevated crude oil prices.
- 10-year bonds: India 10-year bond eased 0.18 per cent to 6.79 after trading in 6.78 – 6.82 range on Wednesday.
- Call rates: The overnight call money rate weighted average stood at 3.26 per cent on Wednesday, according to RBI data. It moved in a range of 2.20-3.50 per cent.
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