SGX Nifty down 120 points; here's what changed for market while you were sleeping

Benchmark indices Sensex and Nifty advanced for a second session in a row on Monday on gains in IT, financial and auto stocks following strong global trends. The 30-share BSE benchmark rose by 415.49 points or 0.69% to close at 60,224.46 with 25 of its constituents ending in the green.

"The major concerns that prevailed in the market during the previous weeks were the fear of aggressive Fed policy action, which led to a rise in treasury yields and US dollar, and the uncertainties surrounding Adani. All of these have now shifted in favour of the bulls," said Vinod Nair, Head of Research at Geojit Financial Services.

Option data suggests a broader trading range in between 17400 to 17850 zones while an immediate trading range in between 17550 to 17850 zones.

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 117 points, or 0.66 per cent, lower at 17,736, signaling that Dalal Street was headed for a negative start on Wednesday.

• Tech View: The short term trend of Nifty continues to be positive. Having placed at the crucial overhead resistance of 17800 levels, there is a possibility of further consolidation or minor downward correction in the short term, before showing further up move. Immediate support is placed at 17600 levels.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.72% to settle at 12.26 levels.

US stocks slip
U.S. stock indexes closed sharply lower on Tuesday after Federal Reserve Chair Jerome Powell told Congress the central bank will likely need to raise interest rates more than previously expected as it seeks to rein in stubbornly high inflation.

• Dow dips 1.72%,
• S&P down 1.53%,
• Nasdaq falls 1.25%

Asia stocks slide
A gauge of Asian stocks declined Wednesday after hawkish rhetoric from Jerome Powell rattled risk sentiment and drove the dollar higher against all of its major peers.

• Nasdaq 100 futures were little changed. The Nasdaq 100 fell 1.2%
• Australia’s S&P/ASX 200 Index fell 1%
• Japan’s Topix rose 0.1%
• Hang Seng Index futures fell 1.3%

Dollar rises
The dollar was riding high on Wednesday, flung to three-month peaks when Federal Reserve Chair Jerome Powell surprised investors by warning that interest rates might need to go up faster and higher than expected to rein in inflation.

Oil stabilises
Oil prices steadied in early Asian trade on Wednesday as industry data showed a draw in U.S. crude oil inventories, after the market tumbled in the previous session on fears more aggressive U.S. interest rate hikes would hit demand.

FII/DII action
Foreign portfolio investors (FPIs) have remained net buyers at Rs 721 crore on Monday. DIIs, on the other hand, bought shares worth Rs 757 crore.

Rupee
The rupee appreciated by 5 paise to close at 81.92 against the US dollar on Monday as a positive trend in domestic equities and fresh foreign fund inflows boosted investor sentiments.

Adani group stocks
Adani group has prepaid loans worth Rs 7,374 crore, which were taken against company shares as collateral, ahead of the maturity as the conglomerate tries to assuage investor concerns over its ability to manage debt obligations. In another development, NSE has removed 4 Adani Group stocks from the Nifty Alpha 50 index with effect from March 31. These are Adani Enterprises, Adani Green Energy, Adani Transmission, and Adani Total Gas, according to the release by NSE Indices.