SGX Nifty down 70 points; here's what changed for market while you were sleeping

Equity markets ended mixed on the Budget day as strong emphasis on consumption and capex lifted optimism in the market. However, volatility was seen in the latter half with focus shifting back to the Adani group stocks. No major unexpected negatives and adherence to fiscal prudence have boosted sentiments earlier in the day.

The markets will now likely look forward to the other triggers -- RBI's next MPC meeting and corporate results.

Option data suggests a broader trading range in between 17200 to 18200 zones while an immediate trading range in between 17350 to 17900 zones due to higher volatility.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 71 points, or 0.40 per cent, lower at 17,629, signaling that Dalal Street was headed for a negative start on Thursday.

• Tech View: Nifty has a resistance at around 17,750 and below the same, the index may retest 17400-17350 levels. On the flip side, above 17750, one can expect a continuation of a pullback rally till 17850-17900.
• India VIX: India VIX, which is a measure of the fear in the markets, moved marginally lower by 0.56% to settle 16.78 levels.

US stocks up
The S&P 500 and the Nasdaq closed sharply higher on Wednesday after Federal Reserve chair Jerome Powell acknowledged that inflation was starting to ease, in remarks he made following a quarter-point rate hike by the U.S. central bank.

• Dow up 0.02%,
• S&P rises 1.05%,
• Nasdaq gains 2%

Asian shares advance
Asian stocks jumped on Thursday while the dollar eased after Federal Reserve Chair Jerome Powell said a "disinflationary" process was underway, boosting risk appetite and hope that the U.S. central bank will soon end its monetary tightening streak. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.84% higher, while Japan's Nikkei rose 0.37%. Australia's S&P/ASX 200 index added 0.37%.


Oil rises
Oil prices rose in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates by 25 basis points, sending the dollar lower. Brent crude futures rose 56 cents, or 0.7%, at $83.40 a barrel while West Texas Intermediate (WTI) U.S. crude futures rose 65 cents, or 0.8%, to $77.05 a barrel.


Dollar plunges
The dollar tumbled on Thursday after the U.S. Federal Reserve said it had turned a corner in the fight against inflation, giving markets a confidence boost that the end of its rate-hike campaign is near.

FII/DII action
After relentless selling in January, Foreign portfolio investors (FPIs) have turned net buyers on the first day of February, accumulating shares worth Rs 1,785 crore, provisional data showed. DIIs on the other hand, continued their trust in markets and net bought shares worth Rs 529 crore.


Rupee
The Indian rupee gave up initial gains to settle 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday post the Budget.

Earnings
HDFC, Titan, Dabur India, IDBI Bank, Tata Consumer Products are among a host of companies that will announce their third quarter earnings.