Thursday, December 9, 2021
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SGX Nifty up 10 points; here’s what changed for market while you were sleeping


Domestic stocks are likely to open on a flat note on Tuesday, with a positive bias, tracking gains in other Asian markets. US stocks settled higher overnight, with Dow briefly kissing the 36,000 mark for the first time intraday. All eyes will be on the US Fed two-day policy meeting starting today and a host of quarterly earnings, back home, including the ones from Bharti Airtel and Sun Pharma. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals a flat start
Nifty futures on the Singapore Exchange traded 12 point, or 0.07 per cent, higher at 18,009, signaling that Dalal Street was headed for a flat start on Tuesday.

  • Tech View: Nifty50 formed a bullish candle on the daily chart but analysts said the index is still not out of the woods as none of the technical indicators has generated buy signals so far.
  • India VIX: The fear gauge eased over a per cent to 17.24 level on Monday over its close 17.42 on Friday.

Asian shares traded mostly higher
Asian shares were traded higher during the early hours on Tuesday following a rally in US Stocks. However, US Fed meet and uncertainties capped the gains. However, Tokyo witnessed profit booking. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.65 per cent.

  • Japan’s Nikkei tanked 0.32%
  • South Korea’s Kospi gained 1.60%
  • Australia’s ASX 200 declined 0.65%
  • China’s Shanghai advanced 0.23%
  • Hong Kong’s Hang Seng soared 1.53%

Wall Street settled higher
Wall Street’s main indices notched record closing highs on Monday as Tesla shares surged and the energy sector gained while investors looked ahead to a major Federal Reserve meeting later in the week. US indices extended a recent rally ahead of key economic data and central bank announcements later in the week.

  • Dow Jones gained 0.26% at 35,913.84
  • S&P 500 jumped 0.18% to 4,613.67
  • Nasdaq advanced 0.63% at 15,595.92

Dollar holds firm as Fed decision looms
The dollar hovered below recent highs on Tuesday as traders waited for the Reserve Bank of Australia to lead a handful of central bank meetings set to define the rates outlook this week.

  • Dollar index was flat at 93.930
  • Euro inched up to $1.1599
  • Pound was on backfoot at $1.3656
  • Yen held slipped to 114.11 per dollar
  • Yuan appreciated to 6.4004 against the greenback

Oil prices rise on slow OPEC oil output increase
Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0117 GMT while U.S. West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2%, to $84.24 a barrel.

FPIs sell shares worth Rs 202 crore
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 202.13 crore, data available with NSE suggested. DIIs were net buyers to the tune of 116.01 crore, data suggests.

Q2 earnings today
Bharti Airtel, Sun Pharmaceutical Industries, Dabur India, Godrej Properties, P&G Hygiene and Healthcare, Hindustan Petroleum, Jindal Steel and Power, Trent, Union Bank of India, Bank of India, Radico Khaitan, Gillette India and BASF India are among the companies that will announce their September quarter results today.

MONEY MARKETS

Rupee: The rupee pared its initial losses to settle almost flat at 74.87 against the US dollar on Monday as heavy FPI inflows into IPOs were offset by a stronger greenback in overseas markets and firm crude oil prices.

10-year bonds: India 10-year bond eased marginally 0.02 per cent to 6.38 after trading in 6.36 – 6.39 range on Monday.

DATA/EVENTS TO WATCH

  • Q2 Results: Airtel | Sun Pharma | Dabur | Godrej Properties
  • AU RBA Interest Rate Decision (9 am)
  • AU RBA Debelle Speech (11:20 am)
  • EA Markit Manufacturing PMI Final OCT (2:30 pm)
  • US IBD/TIPP Economic Optimism NOV (7:30 pm)
  • US 52-Week Bill Auction (9 pm)

MACROS


Indicators herald a brisk H2 for India
The manufacturing sector posted its best performance in eight months in October, helped by robust festive demand and solid exports, a private survey showed. Several other indicators released on Monday, such as goods and services tax (GST) collections, rail freight, fuel demand and mobility indicators for October pointed to a strong start to the second half of the financial year.

About 80% of economy now formal: SBI Report
The digitisation drive and pandemic-induced emergence of the gig economy have led to a faster formalisation of the economy, with the share of the informal sector shrinking to just 15-20 per cent in 2021 from 52.4 per cent in 2018, according to an SBI Research report.

Exports rise for 11th month, up 43.3% in Oct
Led by engineering goods, petroleum products and gems and jewellery, India’s merchandise exports increased for the eleventh consecutive month in October and grew 42.33% on year at $35.47 billion. Official data released on Monday showed a 62.48% rise in imports leaving a trade deficit of $19.9 billion compared to $9.15 billion and the 14-year high trade gap of $22.59 billion in September.

ATF price hike set to hurt travel rebound
The sharp increase in prices of air turbine fuel (ATF) is set to impact the rebound of the aviation and travel industry as it would result in fares going up, but not to the extent that it would keep airlines from recovering the cost of their operations.



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