Wednesday, October 20, 2021
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SGX Nifty up 105 points; here’s what changed for market while you were sleeping


Domestic stocks are likely to open on a positive note, tracking firm cues from other Asian markets. That said, technical charts are pointing towards a halt in the ongoing rally. A rise in oil prices to 3-year highs may also keep upside capped for domestic stocks. 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 107 points, or 0.60 per cent higher at 17,965, signaling that Dalal Street was headed for a positive start on Monday.

  • Tech View: Nifty50 on Friday formed an indecisive candle on the daily chart, but a strong bullish candle on the weekly scale. Analysts said the index could see a pause in momentum in the coming days.
  • India VIX: The fear gauge rose 1.92 per cent to 16.92 level on Friday over its close of 16.60 on Thursday.

Asian stocks rise in early trade
Asian shares got off to a positive start on Monday, even as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, after three consecutive weeks of loss.

  • Australia’s ASX 200 climbed 0.86%
  • New Zealand’s DJ added 0.24%
  • Japan’s Nikkei advanced 0.33%
  • China’s Shanghai Comp rose 0.31%
  • Hong Kong’s Hang Seng jumped 1.11%

US stocks settled higher
The Dow and S&P500 index edged higher on Friday and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike.

  • Dow Jones rose 0.10% to 34,798
  • S&P500 gained 0.15% to 4,455.48
  • Nasdaq fell 0.03% to 15,047.70

Dollar firm in early trade
The lift in yields underpinned the US dollar, particularly against emerging market currencies which compete with Treasuries for global funds. Against a basket of currencies, the dollar was firm at 93.292 and just off August’s 10-month top of 93.734.

  • Dollar index stood at 93.292
  • Euro steady at $1.1726
  • Pound fell 0.05% to $1.3675
  • Yen stood at 110.79 per dollar
  • Yuan traded at 6.4669 against the greenback

Oil prices hit 3-year highs
Oil pushed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent. Brent added another 62 cents on Monday to $78.71 a barrel, while US crude rose 71 cents to $74.69.

FIIs buy equities worth Rs 442 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 442 crore, data available with NSE suggested. DIIs were sellers to the tune of Rs 515.85 crore, data suggests.

MONEY MARKETS


Rupee: The Indian rupee slipped by 4 paise to close at 73.68 against the US dollar on Friday, following weaker Asian peers against the American currency.

10-year bond: India 10-year bond rose 0.67 per cent to 6.181 after trading in 6.160-6.188 range.

Call rates: The overnight call money rate weighted average stood at 3.22 per cent on Friday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH:

  • JP BoJ Gov Kuroda Speech (11:05 am)
  • EA ECB President Lagarde Speech (5:15 pm)
  • US Fed Evans Speech (5:30 pm)
  • US Durable Goods Orders MoM AUG (6 pm)
  • US Dallas Fed Manufacturing Index SEP (8 pm)
  • GB BoE Gov Bailey Speech (8:30 pm)
  • US Fed Williams Speech (9:30 pm)
  • US Fed Brainard Speech (10:20 pm)

MACROS


Commercial EV demand set to jump sharply
Demand for electric vehicles for commercial use is estimated to increase 15 times in the next six months, driven by the rise in fuel prices, incentives rolled out by the central and state governments and renewed emphasis by ecommerce companies to electrify their last-mile delivery fleets, said a financier of such vehicles.

Rising market may be a cause of worry for RBI
Investors have been cheering the record high levels of equity indices, but this seems to be increasing the worries of policy makers at the Reserve Bank of India (RBI), which has already flagged adverse fallouts of inflated financial asset prices.

SpiceJet to resume Boeing 737 MAX flights
Boeing’s 737 MAX jetliner is set to fly again in India after two-and-a-half years, with SpiceJet planning to resume operations of the aircraft from October 5.

iPhone 13 shortage upsets the Apple cart
Apple’s just-launched iPhone 13 series has hit a supply bump in India due to a global shortage of components. Stores and online marketplaces are mostly sold out, and retailers and industry executives say supplies will remain erratic for the next few weeks.



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