Nifty today: SGX Nifty up 195 points; here’s what changed for market while you were sleeping

Domestic equity markets look set to see a gap-up start on Thursday, tracking an overnight rally in US stocks after the much-awaited US inflation print eased in June from a 40-year high, raising hopes the US Fed may go slow on rate hikes. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals a firm start
Nifty futures on the Singapore Exchange traded 194 points, or 1.11 per cent, higher at 17,740.50 signaling that Dalal Street was headed for a strong start on Thursday.

  • TechView: Nifty50 on Wednesday ended almost flat but stayed above its 200-day simple moving average for the eighth straight day. The index formed a Hanging Man candle on the daily chart but there were no signs of weakness, said analysts, who see good support for the index near 17,350 level.
  • India VIX: The fear gauge rose 1.47 per cent to 19.59 level on Wednesday over its previous day’s close of 19.30.

Asian markets up in early trade
Asian shares rose at the open on Thursday after a slowdown in US inflation boosted hopes that the Federal Reserve will slow down its pace of interest rate hikes. The annual US consumer price index eased to 8.5 per cent in July from a 40-year high of 9.1 per cent the previous month, the Labor Department reported, while the monthly rate was unchanged — a big surprise.

  • Hang Seng jumped 1.26%
  • Seoul’s Kospi climbed 1.41%
  • Australia’s ASX 200 added 0.92%
  • Shanghai Composite rose 0.43%

US stocks settled higher
Wall Street surged on Wednesday, putting the Nasdaq more than 20 per cent above its June low, after US inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rate hikes.

  • Dow Jones surged 1.63% to 33,309.51
  • S&P500 gained 2.13% to 4,210.24
  • Nasdaq added 2.89% to 12,854.81.

Q1 earnings today
Apollo Hospitals Enterprise, , , Bharat Forge, , , , and are among companies that will announce their June quarter results today.

FPIs buy equities worth Rs 1,062 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 1,061.88 crore, data available with NSE suggested. DIIs were sellers to the tune of Rs 768.45 crore, data suggests.

Oil dips on demand concerns
Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand. Brent crude futures fell by 53 cents, or 0.5 per cent, to $96.87 a barrel, while US West Texas Intermediate crude futures fell 61 cents, or 0.7 per cent, to $91.32.

Stocks in F&O ban today
two stocks

and are under the F&O ban for Thursday, August 11. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

MONEY MARKETS

rupee: The rupee on Wednesday rebounded by 38 paise to close at 79.25 against the US currency following foreign fund inflows and a weak greenback in the global markets.

10-year bonds: India 10-year bond yield fell 0.52 per cent to 7.31 after trading in 7.307-7.366 range.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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