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

Benchmark indices put an end to the five-day losing streak on Thursday even as concerns remained around contagion of financial crisis in the developed world.

"The commentary over the ongoing turmoil in the financial sector would be crucial for the markets. We expect Oil marketing companies, cement and paints stocks to remain in lime light on account of fall in Brent crude price to 15-month low at $73/bbl," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Option data suggests a broader trading range in between 16600 to 17500 zones while an immediate trading range in between 16800 to 17300 zones.

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 122.5 points, or 0.72 per cent, higher at 17,145, signaling that Dalal Street was headed for positive start on Friday.

• Tech View: Technically, the market is oversold, and we may see a bounce up to 17200 with support at 16800-16750. Looking at the global market, there is a possibility of a small bounce, but the overall trend remains bearish.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 0.48% to settle at 16.21 levels.

US stocks up
A strong rebound by financials helped Wall Street's main indexes close firmly positive on Thursday, after some of the country's largest lenders came to the rescue of embattled First Republic Bank.

Asian shares gain
Asian equities advanced Friday after a rescue package for First Republic Bank fueled a rebound in US shares. Bond yields in the region moved higher as investors continue to weigh chances of further interest rate hikes.

• S&P 500 futures fell 0.1% as of 9:14 a.m. Tokyo time. The S&P 500 rose 1.8%
• Nasdaq 100 futures were little changed. The Nasdaq 100 rose 2.7%
• Japan’s Topix index rose 0.7%
• Australia’s S&P/ASX 200 Index rose 0.1%
• Hong Kong’s Hang Seng futures rose 1.2%

Oil steadies
Oil prices were little changed on Friday after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week.

Dollar slips
The dollar slipped on Friday as risk sentiment improved after authorities and banks moved to ease stress on the financial system in major markets, taking heat off other major currencies that tumbled earlier in the week in the wake of bank turmoil.

Stocks in F&O ban today

1) Indiabulls Housing Finance

2) Gujarat Narmada Valley Fertilizers and Chemicals

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.

FII/DII action
Foreign portfolio investors (FPIs) have net sold shares worth Rs 282 crore on Wednesday. DIIs, on the other hand, bought shares worth Rs 2,051 crore.

Rupee
The rupee fell for the fourth day in a row on Thursday and depreciated by 11 paise to 82.76 against the US dollar amid mixed global equity market cues and foreign fund outflows.

Macro news
The European Central Bank stuck to a planned interest rate increase Thursday as it remained laser-focused on fighting sky-high inflation despite market turmoil over fears of a widening banking crisis. It raised its main rates by half a percentage point, as it had previously pledged to do.