Monday, December 6, 2021
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SGX Nifty up 20 points; here’s what changed for market while you were sleeping


After a three-day beat down, the domestic equity market is likely to regain some strength on Friday. Asian stocks opened lower, before gaining some strength, whereas US stocks settled with positive bias. Back home, investors will be keenly awaiting the results of domestic behemoth Reliance Industries. 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 21.5 points, or 0.12 per cent, higher at 18,268, signaling that Dalal Street was headed for a positive start on Friday.

  • Tech View: Nifty50 on Thursday fell but found crucial support at 18,050, which helped the index recover a bit. The index registered a Three Black Crows-like formation on the daily chart, which is a bearish signal.
  • India VIX: The fear gauge eased about 2 per cent to 18.04 level on Thursday over its close 18.31 on Wednesday.

Asian shares traded mixed
Asian shares opened lower on Friday, before making a recovery as the US rally boosted the markets but a dearth of fresh market-moving events otherwise made investors cautious. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.02 per cent.

  • Japan’s Nikkei jumped 0.87%
  • South Korea’s Kospi added 0.07%
  • Australia’s ASX 200 declined 0.12%
  • China’s Shanghai advanced 0.10%
  • Hong Kong’s Hang Seng gained 0.19%

Stocks end mostly higher
A wobbly day of trading on Wall Street left major stock indexes mostly higher Thursday. The S&P 500 boasted a record closing high and its seventh straight session of gains while the Nasdaq was boosted by such high-profile stocks as Tesla Inc and Microsoft Corp but a tumble in IBM shares weighed on the Dow.

  • Dow Jones eased 0.02% at 35,603.08
  • S&P 500 jumped 0.30% to 4,549.78
  • Nasdaq advanced 0.62% to 15,215.70

Dollar higher on upbeat US data
The dollar was firmer early on Friday, helped higher by upbeat economic data though was headed for its second week of declines while commodities currencies slipped as traders rejigged their positions after this week’s brisk rally.

  • Dollar Index moved up to 93.736
  • Euro was little changed at $1.1621
  • Pound edged lower to $1.3784
  • Yen was wobbled near 114.07 per dollar
  • Yuan depreciated to 6.3909 against the greenback

Oil extends gain
Oil prices rose on Thursday to extend gains from the previous session as U.S. crude and fuel inventories tightened further, with supplies of gasoline hitting a two-year low, pointing to strong demand. Brent crude futures climbed 17 cents, or 0.2%, to $85.99 a barrel. US West Texas Intermediate (WTI) crude futures for December gained 37 cents, or 0.4%, to $83.79 a barrel.

FPIs sell shares worth Rs 2819 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2818.9 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 428.45 crore, data suggests.

Q2 earnings
Reliance Industries, Hindustan Zinc, HDFC Life Insurance, Tata Consumer Products, Gland Pharma, Tata Elxsi, Yes Bank, Polycab India, Supreme Industries, Crompton Greaves Consumer Electricals and Federal Bank are among the companies that will announce their September quarter results today.

MONEY MARKETS


Rupee: The rupee settled just 1 paisa higher at 74.87 against the US dollar on Thursday amid a bearish trend in domestic equities and a strong greenback overseas.

10-year bonds: India 10-year bond eased 0.55 per cent to 6.34 after trading in 6.33 – 6.39 range on Thursday.

Call rates: The overnight call money rate weighted average stood at 3.32 per cent on Thursday, according to RBI data. It moved in a range of 2.00-3.45 per cent.

DATA/EVENTS TO WATCH

  • Q2 Results: RIL | YES Bank | HDFC Life | Tata Consumer
  • GB Retail Sales SEP (11:30 pm)
  • EA Markit Composite PMI Flash OCT (1:30 pm)
  • EA Markit Manufacturing PMI Flash OCT (1:30 pm)
  • EA Markit Services PMI Flash OCT (1:30 pm)
  • GB Markit/CIPS Composite PMI Flash OCT (2 pm)
  • IN Monetary Policy Meeting Minutes (5 pm)
  • IN Deposit Growth YoY OCT/08 (5 pm)
  • IN Bank Loan Growth YoY OCT/08 (5 pm)
  • US Markit Composite PMI Flash OCT (7:15 pm)
  • US Markit Services PMI Flash OCT (7:15 pm)
  • US Markit Manufacturing PMI Flash OCT (7:15 pm)

MACROS


Indian companies eye capex, investment push
Sitting on healthy cash reserves and aided by stronger balance sheets post Covid, India Inc is looking to step up its capital expenditure and investment plans. Industry captains and analysts say a mix of factors such as accommodative monetary policy and lower interest rates, reduced corporate tax rates and government incentives such as production-linked incentive (PLI) scheme, global liquidity and an upward commodities cycle are fueling optimism among companies.

Mauritius exits FATF ‘grey List’
In a development that would help Mauritius regain its status as a financial centre, on Thursday the tax haven came out of the ‘grey list’ of the Financial Action Task Force (FATF) — an intergovernmental policy body that sets anti-money laundering standards.

Petrol, diesel prices up for 3rd straight day
Fuel prices are up for the third straight day. Petrol and diesel in Delhi now cost Rs 106.89 and Rs 95.62 a litre, up by Rs 0.35 respectively. With back-to-back hikes, fuel prices now are at an all-time high.

Bank credit grows 6.48%; deposit by 10.16%
Bank credit grew by 6.48 per cent to Rs 110.13 lakh crore and deposit by 10.16 per cent to Rs 157.56 lakh crore in the fortnight ended October 8, RBI data showed. In the year-ago fortnight ended October 9, bank advances were at Rs 103.43 lakh crore, and deposits were at Rs 143.02 lakh crore, according to RBI’s Scheduled Banks’ Statement of Position in India as on October 8, 2021 data, released on Thursday.

Employment may cross pre-Covid levels in October
The number of people with employment in India could cross the pre-Covid levels in October, the Centre for Monitoring Indian Economy said on Thursday, citing strong growth in job addition in September and the trend so far this month. India added 8.5 million jobs in September, taking the total number of employed people to 406.2 million, which was 2.7 million short of the 408.9 million employed in 2019-20.



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