Tuesday, November 30, 2021
HomeMarket Live UpdatesSGX Nifty up 50 points; here's what changed for market while you...

SGX Nifty up 50 points; here’s what changed for market while you were sleeping


The domestic equity market is likely to open on a higher note on Wednesday, bucking weak global cues. Most of the Asian peers were in red, whereas US stocks settled lower in overnight trade. A firm dollar and weaker rupee, added with inflationary concerns, are likely to add more pressure on the market. 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 48.5 points, or 0.27 per cent, higher at 18,053, signaling that Dalal Street was headed for a positive start on Wednesday.

  • Tech View: Nifty50 on Tuesday rose for the fourth straight session, but failed to close above 18,000 level. It formed a bullish candle on the daily chart, but negated the higher highs it was making since the last three sessions.
  • India VIX: The fear gauge rose 3 per cent to 15.85 level on Tuesday over its close at 16.08 on Monday.

Asian shares edgy amid inflation worries
Asian shares were on edge on Wednesday as worries about soaring power prices fuelling inflation weighed on sentiment and drove expectations the United States would taper its emergency bond buying programme, holding the dollar at a one-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trading.

  • Japan’s Nikkei declined 0.12%
  • South Korea’s Kospi soared 1.08%
  • Australia’s ASX 200 added 0.05%
  • China’s Shanghai gave up 0.48%
  • Hong Kong’s Hang Seng fell 0.38%

Wall Street end lower
US stocks finished lower on Tuesday, extending losses late as investors grew more jittery in the run up to third-quarter earnings, while a jump in Tesla shares helped support the market.

  • Dow Jones tanked 0.34% to 34,378.34
  • S&P 500 declined 0.24% to 4,350.65
  • Nasdaq plunged 0.14% to 14,465.92

Dollar holds near one-year high
The dollar held near a one-year high versus major peers on Wednesday, amid rising expectations the Federal Reserve will announce a tapering of stimulus next month, potentially following with interest rate hikes by mid-2022.

  • Dollar Index eased to 94.460
  • Euro moved near to $1.1541
  • Pound little changed to $1.3596
  • Yen slipped to 113.485 per dollar
  • Yuan depreciated to 6.4479 against the greenback

FPIs sell shares worth Rs 278 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 278.32 crore, data available with NSE suggested. DIIs turned net sellers to the tune of 741.22 crore, data suggests.

Q2 earnings
Infosys, MindTree, National Standard (India), Plastiblends India, Aditya Birla Money, Morarka Finance, Stratmont Industries and Perfect-Octave Media Projects are among the companies that will announce their September quarter results today.

MONEY MARKETS

Rupee: Falling for the third day in a row, the rupee weakened further by 16 paise to end at 75.52 against the US currency on Tuesday, weighed down by a strong greenback in the overseas market and firm crude oil prices.

10-year bonds: India 10-year bond eased 0.28 per cent to 6.33 after trading in 6.32 – 6.35 range.

Call rates: The overnight call money rate weighted average stood at 3.27 per cent on Tuesday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH

  • Q2 Results: Infosys | MindTree
  • CN Exports SEP (8:30 am)
  • CB Balance of Trade SEP (8:30 am)
  • GB Balance of Trade AUG (11:30 am)
  • GB GDP 3-Month Avg AUG (11:30 am)
  • GB GDP AUG (11:30 am)
  • GB Industrial Production MoM AUG (11:30 am)
  • GB Manufacturing Production YoY AUG (11:30 am)
  • EA Industrial Production AUG (2:30 pm)
  • US Core Inflation Rate YoY SEP (6 pm)
  • US Inflation Rate YoY SEP (6 pm)
  • GB BoE Cunliffe Speech (8 pm)
  • US FOMC Minutes (11:30 pm)

MACROS


Govt asks power plants to blend 10% imported coal to step up supply
The government has asked thermal power units to restart the discontinued practice of blending 10% imported coal on concerns over depleting stock, while the coal and power ministries will explore ways to further enhance supplies, sources told ET after high-profile deliberations on Tuesday.

PLI: India to receive ₹3,300 cr in telecom
India is set to receive an investment of about ₹3,300 crore from 31 domestic and multinational companies over a period of four years under the ambitious production-linked incentive or PLI scheme that is expected to employ as many as 40,000 individuals in the telecom sector.

HDFC and ICICI step on the hiring pedal
Anticipating business growth as the economy opens up fully, banks and non-banking finance companies (NBFCs) have ramped up hiring plans with an increase of as high as 30-35% in recruitments from a year earlier, especially of those on the technology side of the business.

Centrum, BharatPe get small bank licence
The Reserve Bank of India (RBI) issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services, and Digital payments platform BharatPe, said two people familiar with the matter.

Government promoting ethanol production in a big way: Nitin Gadkari
Road Transport and Highways Minister Nitin Gadkari on Tuesday stressed on the need to divert excess sugar stock for ethanol manufacturing as provision of subsidies on exports of sweetener will not be permissable after December 2023 under the WTO regime.



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