Tuesday, November 30, 2021
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SGX Nifty down 130 points; here’s what changed for market while you were sleeping


Domestic stocks are likely to see a gap-down opening on Tuesday, as a surge in crude oil prices have stoked inflation fears globally. Asian markets were battered in early trade, tracking overnight fall in US stocks. Back home, investors were keenly awaiting the RBI monetary policy and the kick start of Q2 earnings season in the next couple of days. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 132 points, or 0.75 per cent, lower at 17,578.50, signaling that Dalal Street was headed for a negative start on Tuesday.

  • Tech View: Nifty50 on Monday snapped a four-day losing streak and formed what looked like a Morning Star formation on the daily chart, suggesting gain ahead.
  • India VIX: The fear gauge eased 3 per cent to 16.74 level on Monday over its close at 17.21 on Friday.

Asian stocks tumble over inflation fear
Asian stock markets tumbled on Tuesday as spikes in oil prices stoked further worries about inflation and monetary tightening globally. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.89 per cent.

  • Japan’s Nikkei tanked 2.99%
  • South Korea’s Kospi declined 2.05%
  • Australia’s ASX 200 shed 0.74%
  • New Zealand’s DJ plunged 1.26%
  • Hong Kong’s Hang Seng fell 0.57%%

US indices slide as tech biggies tumble
Wall Street ended sharply lower on Monday as investors dumped Big Tech and other growth stocks in the face of rising Treasury yields, while concerns about a potential US government debt default also fed caution.

  • Dow Jones tanked 0.94% to 34,002.92
  • S&P 500 declined 1.30% to 4,300.46
  • Nasdaq plunged 2.14% to 14,255.48

Dollar drifts below one-year high
The US dollar drifted below a one-year high versus major peers on Tuesday as traders waited on key US payrolls data at the end of the week for clues on the timing of a tapering of Federal Reserve stimulus and the start of interest rate hikes.

  • Dollar index was flat at 93.845
  • Euro edged up to $1.1605
  • Pound jumped to $1.3640
  • Yen weakened to 111.07 per dollar
  • Yuan steady at 6.4467 against the greenback

Oil prices edge lower
Oil prices eased on Tuesday after climbing to their highest levels in years in the previous session on the decision by OPEC and allied major oil producers to maintain restraint on supply. Brent crude was down by 3 cents at $81.83 a barrel, US West Texas Intermediate (WTI) oil dropped 10 cents to $77.52.

FPIs buy shares worth Rs 861 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 860.5 crore, data available with NSE suggested. DIIs were net buyers to the tune of 228.06 crore, data suggests.

MONEY MARKETS


Rupee: The Indian rupee tumbled 19 paise to end at its weakest level in over six weeks of 74.31 against the US dollar on Monday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment.

10-year bond: India 10-year bond mildly jumped 0.06 per cent to 6.25 after trading in 6.23 – 6.26 range.

DATA/EVENTS TO WATCH

  • AU Balance of Trade AUG (6 am)
  • AU Exports MoM AUG (6 am)
  • AU Imports MoM AUG (6 am)
  • AU RBA Interest Rate Decision (9 am)
  • IN Markit Composite PMI SEP (10:30 am)
  • IN Markit Services PMI SEP (10:30 am)
  • EA Markit Composite PMI Final SEP (1:30 pm)
  • EA Markit Services PMI Final SEP (1:30 pm)
  • GB Markit/CIPS Composite PMI Final SEP (2 pm)
  • GB Markit/CIPS UK Services PMI Final SEP (2 pm)
  • US Balance of Trade AUG (6 pm)
  • EA ECB President Lagarde Speech (8:30 pm)
  • US Fed Quarles Speech (10:45 pm)

MACROS


Govt mulls out-of-court fix with telcos
The government is considering settling ongoing legal cases with telcos through an out-of-court settlement process to sharply reduce the litigation burden on the telecom industry as part of the next set of telecom reforms.

Sebi bans pooling of money, MF units by online platforms
Sebi has barred mutual fund distributors, investment advisers, online platforms from pooling of funds or units for MF transactions from April 1. Sebi said it observed that based on bilateral understanding with AMCs, a few platforms pool the client’s funds into a nodal account and subsequently transfer to fund houses either on per transaction basis or lump sum basis.

Zostel plans to take Oyo IPO complaint to Sebi
The legal battle between Oyo Hotels & Homes and its rival Zostel (Zo Rooms) is intensifying. Just days after we reported that Oyo has filed its draft prospectus for an initial public offering (IPO), Zostel is planning to move the Securities and Exchange Board of India (Sebi), asking it to put the proposed $1.2 billion IPO on hold, said two people with direct knowledge of the matter.

RBI removes boards of 2 Srei companies
The Reserve Bank of India (RBI) Monday superseded the respective boards of Srei Infrastructure Finance and Srei Equipment Finance and appointed an administrator to recover Rs 28,000 crore of dues after the Kolkata-based group found itself in a credit squeeze amid allegations of misappropriation.

Centre weighs single policy for all social media firms
The Centre has initiated preliminary discussions on the merits of having a single nodal policy governing all social media companies in the country, top officials told ET, terming the intra-ministry talks as preliminary.



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