STATE OF THE MARKETS
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 100.5 points, or 0.56 per cent, lower at 17,860.50, signaling that Dalal Street was headed for a negative start on Tuesday.
- Tech View: Nifty50 on Monday hit the 18,000 mark. The index ended up forming a bullish candle on the daily chart with a long upper wick, suggesting selling pressure at higher levels.
- India VIX: The fear gauge rose 3 per cent to 16.08 level on Monday over its close at 15.65 on Friday.
Asian shares fell in the early trade
Asian shares opened lower on Tuesday after Wall Street slipped, as investors looked for fresh news with inflation worries continuing to weigh. MSCI’s broadest index of Asia-Pacific shares outside Japan fell by 0.97 per cent.
- Japan’s Nikkei declined 0.78%
- South Korea’s Kospi tanked 1.35%
- Australia’s ASX 200 shed 0.35%
- China’s Shanghai gaved up 0.41%
- Hong Kong’s Hang Seng fell 1.05%
Wall Street ended lower
Stocks gave up an early gain and ended lower on Wall Street Monday. Wall street indices ended a choppy session lower on Monday as investors grew more nervous ahead of the third-quarter earnings reporting season.
- Dow Jones tanked 0.72% to 34,496.06
- S&P 500 declined 0.69% to 4,361.19
- Nasdaq plunged 0.64% to 14,486.20
Yen slumps as rising energy prices, US yields bite
The yen hit a fresh three-year low on Tuesday, extending a sharp slide as traders wagered surging energy prices would drive Japan’s demand for dollars and as they doubled down on expectations US rates will rise well ahead of its peers.
- Dollar Index jumped to 94.4
- Euro pinned near to $1.1550
- Pound rose to $1.3673
- Yen slipped to 113.48 per dollar
- Yuan depreciated to 6.4556 against the greenback
Oil climbs on switch from gas
Oil prices fell for the first time in four days on Tuesday, taking a breather, analysts said, after weeks of gains fuelled by a rebound in global demand that is contributing to energy shortages in economies from Europe to Asia. Brent crude was down 26 cents, or 0.3%, at $83.39 a barrel at 0211 GMT. U.S. oil fell 33 cents, or 0.4%, to $80.19 a barrel.
FPIs sell shares worth Rs 1303 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1303.22 crore, data available with NSE suggested. DIIs turned net sellers to the tune of 168.19 crore, data suggests. FPIs remained net sellers to the tune of Rs 373.28 crore so far in October.
Bhansali Engineering Polymers, GM Breweries, TARC, DRC Systems India, Majestic Auto, Indian Merchant Banking Services, Gensol Engineering, Ind Bank Housing and Canopy Finance are among the companies that will announce their March quarter results today.
Rupee: The rupee slid by 37 paise to close at a 15-month low of 75.36 against the US dollar on Monday as crude oil zoomed towards seven-year high and the greenback hardened in the overseas markets.
10-year bonds: India 10-year bond jumped 0.41 per cent to 6.34 after trading in 6.32 – 6.35 range.
Call rates: The overnight call money rate weighted average stood at 3.17 per cent on Friday, according to RBI data. It moved in a range of 1.95-3.40 per cent.
DATA/EVENTS TO WATCH
- GB Claimant Count Change SEP (11:30 am)
- GB Employment Change JUL (11:30 am)
- GB Average Earnings incl. Bonus AUG (11:30 am)
- GB Unemployment Rate AUG (11:30 am)
- EA ZEW Economic Sentiment Index OCT (2:30 pm)
- IN Industrial Production YoY AUG (5:30 pm)
- IN Manufacturing Production YoY AUG (5:30 pm)
- IN Inflation Rate YoY SEP (5:30 pm)
- US JOLTs Job Openings AUG (7:30 pm)
- US 10-Year Note Auction (10:30 pm)
Coal stocks reach crisis point in more plants
Coal shortage crisis at thermal power projects does not seem to abate very soon as the number of non-pit head plants with less than four days of dry fuel stock (supercritical stock) has increased to 70 this Sunday compared to 64 a week ago on October 3, as per government data.
Rules soon for Voda retro tax settlement
India will soon notify a separate set of rules to facilitate settlement of its retrospective tax dispute with British telecom company Vodafone, a senior government official told ET.
Seven new PSUs this week
The defence ministry has cleared deemed contracts worth Rs 65,000 cr for the seven Public Sector Units (PSUs) being carved out of the Ordnance Factory Board under a ‘grandfathering clause’, with the new entities set to be launched this week by Prime Minister Narendra Modi.
Small drug units reach out to Centre for help
A steep rise in raw material prices has begun to pinch the country’s drug manufacturers to the extent that some have sought government intervention to tame the prices and a top drug maker said it may be forced to pass on the cost increase to consumers.
PM calls for bigger pvt play in space sector
Prime Minister Narendra Modi on Monday called upon the private sector to use the technology and resources available with the Indian Space Research Organisation (ISRO) to help make India a vital part of the end-to-end supply chain in space technology.