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

Domestic equities may open with a positive bias in Monday's trading session. But the indices are likely to remain weak amid the subdued global sentiment as investors worry over the slowdown in the economy due to tightening monetary policy measures. Positioning in the options of Nifty 50 indicates major support at 18000 level as that strike price put option holds the maximum open interest.

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 points, or 0.26 per cent, higher at 18,366, signaling that Dalal Street was headed for a positive start on Monday.

• Tech View: Nifty 50 has formed a bearish candle with a long upper shadow on the daily chart. If it remains below 18350, a further fall towards 18000-18080 levels , whereas resistances are placed at 18350 and 18442 levels.
• India VIX: A further fall in domestic equities increased risk aversion and saw the ‘fear gauge’ rising 2.5% to 14.07 points.

US stocks fall
US stocks fell for the third consecutive session on Friday as investors continued to worry over the impact of tightening monetary policy on economic growth.

• Dow Jones: 32920.4, down 0.9%
• S&P 500: 3852.36, down 1.1%
• Nasdaq: 10705.4, down 1%

Asian shares mixed
Asia's stock markets made a wobbly start to the final full trading week of 2022, with the prospect of interest rates rising further next year taking the edge off festive cheer. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%.

• S&P 500 futures rose 0.1% as of 9:10 a.m. in Tokyo. The S&P 500 fell 1.1% on Friday
• Nasdaq 100 futures rose 0.1%. The Nasdaq 100 fell 0.9%
• Japan’s Topix index fell 0.5%
• South Korea’s Kospi index fell 0.6%
• Australia’s S&P/ASX 200 Index fell 0.3%
• Hong Kong’s Hang Seng futures fell 0.1%

Oil climbs
Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. Brent crude futures rose 72 cents, or 0.9%, to $79.76 a barrel by 0103 GMT while U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8%.

Yen rises
The yen climbed on Monday on news that the Japanese government is set to revise a joint statement with the Bank of Japan (BOJ) over the latter's inflation target, potentially paving the way for a tweak in the BOJ's ultra-loose monetary policy.


FII/DII action
Foreign portfolio investors (FPIs) on Friday net sold shares worth Rs 1,975 crore, provisional data showed. DIIs net bought shares to the tune of Rs 1,543 crore.

Stocks in F&O ban today
Balrampur Chini Mills, Bharat Heavy Electricals, Delta Corp, Indiabulls Housing Finance, Gujarat National Fertilizers. Indian Railway Catering and Tourism Corp, and Punjab National Bank. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

Rupee: The Indian unit ended lower against the dollar on Friday amid the broad-based strength in the dollar index. The rupee settled at 82.87 a dollar compared to 82.76 a dollar in the previous session.

Macro news

• The government’s direct tax collections so far in the current fiscal year was Rs 11.36 lakh crore, up nearly 20% on year. The collection constitute about 80% of the total Budget estimate of direct taxes for FY23

• Business activity in the US contracted further in December as new orders slumped to the lowest level in over 2.5 years. The flash US composite PMI output index fell to 44.6 this month from a final reading of 46.4 in November, S&P Global said.

IPO Watch

• KFin Technologies, whose public offer will open on Monday for subscription, raised Rs 675 crore through pre-IPO placement to anchor investors.

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