SGX Nifty up 150 points; here's what changed for market while you were sleeping

The overall bias for Indian equities remains positive, and sustained buying by domestic investors is likely to take indices further up. Stock-specific action will be seen, particularly in the midcap space, as several companies are due to report earnings.

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 149.5 points, or 0.86 per cent, per cent higher at 17,464.50, signaling that Dalal Street was headed for a positive start on Monday.

• Tech View: After Monday’s upmove, the base for Nifty 50 has shifted higher towards 17000-17100 points, and the index closing above 17300 points is seen as an indication of good times for markets. The next major resistance for Nifty 50 is seen at 17350–17430 points.
  
• India VIX: Despite gains in equities on Monday, the volatility index rose but this was largely due to the trading action in call and put options of Nifty 50. The index ended 0.9% higher at 18.4175 points.

Asia stocks rise
Asia stocks nudged higher on Tuesday as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the U.S. dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.43%, while Japan's Nikkei was up 0.6%. S&P 500 futures and Nasdaq futures were both up 0.8%.

US stocks
U.S. stocks kicked off the trading week on Monday with a rally after Britain reversed course on an economic plan, while Bank of America was the latest financial company to post solid quarterly results, which lifted optimism about the corporate earnings season.

• Dow up 1.86%
• S&P 500 rises 2.65%
• Nasdaq gains 3.43%

Oil prices steady on US dollar weakness
Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains.

Dollar tests 32-year peak to yen
The dollar hovered near a 32-year peak above 149 yen on Tuesday even as it took a breather from a rally against other major peers, with traders bracing for possible further intervention by Tokyo to support its currency.

FII/DII action
Foreign portfolio investors (FPIs) remained sellers in the domestic market, but the pace of selling slowed down. Net-net, they sold shares worth Rs. 372 crores, provisional data available with NSE suggested. DIIs were net buyers of stocks to the tune of Rs. 1,582 crores.

Stocks in F&O ban today
Delta Corp, Indiabulls Housing Finance, and India Cements remain under the F&O ban for Tuesday, October 18. 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.

Rupee: The rupee remained steady against the dollar on Monday and settled at 82.3500, unchanged from the previous session. The dollar index fell in the US trading session on Monday. The index lost over 1% to 111.98 points.

Earnings Tuesday
46 companies are scheduled to report earnings for the quarter ended September. ICICI Lombard General Insurance, L&T Technology Services, Network18 Media, and Tata Communications are among the major ones.