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    SGX Nifty down 90 points; here's what changed for market while you were sleeping

    Synopsis

    Asian markets were trading mixed in Thursday's trade tracking overnight trading in US stocks. Japan’s Nikkei advanced 0.23 per cent, Hong Kong’s Hang Seng fell 0.47 per cent; Korea’s Kospi added 0.3 per cent while China’s Shanghai Composite index declined 0.96 per cent.

    Markets gettyGetty Images
    India 10-year bond yield declined 0.10 per cent to 6.01 after trading in 6.00-6.02 range.
    Lockdown-like curbs in Maharashtra, an overnight plunge in Infosys ADRs and mixed cues from Asian markets could weigh on the domestic equity indices on Thursday, even as fast-tracking of Covid vaccine approvals may help the market restrict losses.

    Here’s breaking down the pre-market actions:
    MARKETS
    SGX Nifty futures fall in Singapore trading
    Nifty futures on the Singapore Exchange traded 92 points, or 0.62 per cent, lower at 14,683, but were quoting higher than Nifty's Tuesday's closing in signs that Dalal Street was headed for a positive start on Thursday. Domestic stock markets were shut on Wednesday on account of Ambedkar Jayanti.

    Tech View: Signal to sell on Nifty rallies
    Nifty50 rebounded on Tuesday after getting battered on Monday. The index formed what looked like a Bullish Harami Pattern on the daily chart, which generally signals a trend reversal. But analysts advised investors not to get carried away and look to lighten up positions on rallies.

    Asian markets mixed in early trade
    Asian markets were trading mixed in Thursday's trade tracking overnight trading in US stocks. Japan’s Nikkei advanced 0.23 per cent, Hong Kong’s Hang Seng fell 0.47 per cent; Korea’s Kospi added 0.3 per cent while China’s Shanghai Composite index declined 0.96 per cent.

    Oil prices near one-month high
    Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic. Brent crude was down by 21 cents, or 0.3 per cent, at $66.37 a barrel, after gaining 4.6 per cent on Wednesday and closing at the highest since March 17. US WTI futures dropped 25 cents, or 0.4 per cent, to $62.9 a barrel, having risen 4.9 per cent in the previous session.

    US stocks settled lower
    Metal producers and oil companies were among the rare standouts as Wall Street stocks mostly fell amid concerns about excessive equity valuations. The Dow Jones Industrial Average eked out a 0.2 per cent gain to 33,730.89, while the S&P 500 fell 0. 4 percent to 4,124.66. The Nasdaq Composite index sank 1 per cent to 13,857.84.

    Wipro Q4 results today
    Wipro looks set to report a flat sequential growth in March quarter profits on Thursday, even the growth could be as high as 26-32 per cent on an year-on-year basis (YoY). Sales is seen rising 3 per cent both on a sequential on YoY basis. Salary hikes during the quarter may hurt margins, but a favourable currency tailwind could help offset it, to an extent, analysts said.

    FPIs sell Rs 731 crore worth stocks
    Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 730.81 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 243.80 crore, data suggests.

    MONEY MARKETS
    Rupee: The Indian rupee fell for the sixth straight session to mark its lowest level in nearly nine months at 75.05 against the American currency on Monday as investors fretted over the prospects of lockdown in some parts of the country amid continuous rise in COVID-19 cases.

    10-year bonds: India 10-year bond yield declined 0.10 per cent to 6.01 after trading in 6.00-6.02 range.

    DATA/EVENTS TO WATCH
    • India WPI Inflation YoY March (12:00 pm)
    • India Balance of Trade Final March (05:50 pm)
    • BoJ Gov Kuroda Speech (06:30 am)
    • BoE Credit Conditions Survey (02:00 pm)
    • US Retail Sales MoM March (06:00 pm)
    • US Jobless Claims 4-week Average April 10 (06:00 pm)
    • US Initial Jobless Claims 10/April (06:00 pm)
    • US Industrial Production YoY March (06:45 pm)
    • US Manufacturing Production YoY March (06:45 pm)
    • US NAHB Housing Market Index April (07:30 pm)
    MACROS
    Rich Indians in Catch-22 over crypto assets… It’s a Catch-22 situation for wealthy Indians who bought Bitcoins from overseas markets and held them in offshore wallets as the fate of cryptos hangs in limbo. They are now in a quandary over how to account for, and whether to disclose, these ‘digital assets’. If they hide these investments from the taxman, they may be pulled up later. But if they share the information while filing their annual income tax returns, they may be questioned on the legality of transactions they undertook. Some have acquired Bitcoins and other popular crypto currencies from international sellers by transferring funds from India under the RBI’s liberalised remittance scheme.

    Maha curbs to hit GDP… The curbs announced by Maharashtra and Madhya Pradesh along with restrictions imposed in other states will dent India’s gross domestic product (GDP) by 0.2-1 percentage point, according to an ET poll of economists. To be sure, the economy will still show a sharp rebound in the first quarter and the full FY22 financial year because of the low base due to the nationwide lockdown last year, but a return to pre-pandemic levels will take longer because of the latest disruptions, experts said.

    Auto, CG firms may be hit… Unless rules are modified, Maharashtra’s quasi-lockdown will severely impact production of automobiles, electronic goods and home appliances. Several major manufacturers – Tata Motors, Mahindra & Mahindra, Volkswagen India, Bajaj Auto, LG India, Godrej Appliances, Haier and Carrier Midea, among others – have their plants in the state. The impact on supplies of cars, two-wheelers, ACs, refrigerators and washing machines may show up as early as next week and supply challenges can get severe by early next month, companies said.

    Biyani to pay banks Rs 6,900 cr… Kishore Biyani’s Future Group has promised to pay banks an aggregate of Rs 6,900 crore in two tranches by the end of the fiscal, mainly by selling its small format stores, in an attempt to work out a loan restructuring agreement with its lenders. This will help the group buy time and keep an alternative ready, even as it awaits a judicial clearance to complete the sale of its business to Mukesh Ambani’s Reliance Retail.

    Top fund managers stick to tech, pharma… Leading fund managers stuck to select companies in technology, pharma, financials and auto ancillary sectors in March, as rich market valuations narrowed down the options for them. They invested in companies which are likely to benefit from developments clearly linked to their businesses in addition to the improved prospects of their sectors.

    50m does of Sputnik vax by May... Dr Reddy’s Laboratories will start importing initial doses of Russia’s Sputnik V vaccine this quarter, with India expected to receive 50 million jabs by the end of May. Additional supplies of the vaccine will come after June as Sputnik V’s local manufacturing partners begin production and the logistical issue of storing the vaccine at 2 degree celsius, instead of the current -18 degree centigrade storage temperature is sorted out, DRL CEO, API and services, Deepak Sapru, said on Wednesday.

    Infy in for faster growth in FY22... The March quarter performance of Infosys may seem to be disappointing when compared with the analysts’ expectations and with the stellar numbers reported by the largest peer TCS. But, the management commentary of the country’s second-largest software exporter and its strong revenue growth guidance for the current fiscal year suggest that the subdued fourth quarter performance may be more of a period-specific event than a medium- or longterm trend.



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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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