Monday, December 6, 2021
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SGX Nifty down 35 points; here’s what changed for market while you were sleeping


The domestic equity market is likely open on a negative note, tracking weak cues from its Asian peers. US stocks settled with modest gains in overnight trade. Crude eased following updates on its stockpile, which is a respite for India. Back home, traders will keenly watch India Inc’s earnings. 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 34 points, or 0.19 per cent, higher at 18,299.50, signaling that Dalal Street was headed for a negative start on Wednesday.

  • Tech View: Nifty50 on Tuesday formed a bullish candle on the daily chart and negated the last four sessions’ lower-high low formation.
  • India VIX: The fear gauge eased 5 per cent to 16.75 level on Tuesday over its close at 17.61 on Monday.

Asian shares traded lower
Asian shares opened lower on Wednesday on profit-taking after sharp rallies in the previous session, as investors closely watched this week’s corporate earnings. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.69 per cent.

  • Japan’s Nikkei declined 0.77%
  • South Korea’s Kospi shed 0.72%
  • Australia’s ASX 200 tanked 0.16%
  • China’s Shanghai plunged 0.60%
  • Hong Kong’s Hang Seng fell 1.60%

Wall Street closes at record
US stock indices closed modestly higher on Tuesday, with the Dow Industrials and S&P 500 hitting fresh records, and gains were subdued as Facebook shares fell in the wake of its quarterly earnings.

  • Dow Jones added 0.04% at 35,756.88
  • S&P 500 edged up 0.18% to 4,574.79
  • Nasdaq inched up 0.06% to 15,235.71

Yen subdued, Aussie firm
The yen was restrained while the risk-sensitive Australian dollar held firm on Wednesday on the back of a solid commodity market and a positive risk mood from upbeat U.S. economic data and upbeat corporate earnings.

  • Dollar Index pinned at 93.927
  • Euro held stood to $1.1594
  • Pound firmed to $1.377
  • Yen was declined to 114.20 per dollar
  • Yuan was slipped to 6.3837 against the greenback

Oil falls after rise in US crude stock
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell 25 cents, or 0.3%, to $86.15 a barrel. West Texas Intermediate (WTI) futures declined 26 cents, or 0.3%, to $84.39 a barrel.

FPIs sell shares worth Rs 2,369 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,368.66 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 1385.41 crore, data suggests.

Q2 earnings
ITC, Larsen & Toubro, Maruti Suzuki India, Titan Company, Adani Enterprises, Adani Ports & SEZ, SBI Life Insurance, Bajaj Auto, IndusInd Bank, United Spirits, Punjab National Bank, United Breweries, Lupin, Indian Overseas Bank and Dalmia Bharat are among the companies that will announce their September quarter results today.

MONEY MARKETS

Rupee: The rupee snapped its two-session losing streak to settle 12 paise higher at 74.96 against the US dollar on Tuesday, tracking a positive trend in domestic equities and losses in crude oil prices.

10-year bonds: India 10-year bond jumped 0.19 per cent to 6.36 after trading in 6.34 – 6.37 range on Tuesday.

Call rates: The overnight call money rate weighted average stood at 3.41 per cent on Tuesday, according to RBI data. It moved in a range of 2.00-3.50 per cent.

DATA/EVENTS TO WATCH

  • Q2 Results: ITC | L&T | Maruti Suzuki | Titan | Adani Ent | Adani Ports | Bajaj Auto | IndusInd Bank
  • EA Loans to Households YoY SEP (1:30 pm)
  • EA Loans to Companies YoY SEP (1:30 pm)
  • GB Autumn Budget (6 pm)
  • US Durable Goods Orders MoM SEP (6 pm)
  • US Goods Trade Balance Adv SEP (6 pm)
  • US Wholesale Inventories MoM Adv SEP (6 pm)

MACROS


Centre consults RBI for liberal PSB sale norms
The government is in consultations with the Reserve Bank of India (RBI) on a special framework for the privatisation of public sector banks that would allow bids from corporate-owned shadow banks such as Bajaj Finance NSE 2.73 %, Shriram Capital and Cholamandalam Finance, as well as global sovereign wealth funds.

After two-day pause, petrol price is up again
After a two-day pause, fuel prices are up again on Wednesday. In Delhi, petrol and diesel rates were up by 35 paise to cost Rs 107.94 and Rs 96.67 per litre, according to Indian Oil Corporation.

Ice-cream parlours facing a GST meltdown
Levy of 18% goods and services tax on ice-cream supplies with retro effect from July 2017 has led to a near meltdown for thousands of ice-cream parlours, most of which are small businesses.

Telcos’ Q3 earnings may rise up to 1.5%
Vodafone Idea (Vi), Bharti Airtel NSE 0.74 % and Reliance Jio Infocomm will see 1-1.5% rise in quarterly operating income and some margin expansion along with improved cash flows from fiscal third quarter, after the exclusion of a host of non-telecom income items under the new definition of adjusted gross revenue (AGR), analysts said.



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