SGX Nifty up 170 points; here's what changed for market while you were sleeping

Domestic equity markets are set for a gap-up opening on Wednesday, thanks to the positive global cues. US stocks rallied in the overnight trade, while Asian peers rose in the early trade. Back home, all eyes are set on key Q1 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 172 points, or 1.05 per cent, higher at 16,509.5, signaling that Dalal Street was headed for a positive start on Wednesday.

• Tech View: Nifty50 on Tuesday settled higher for the third straight day. It formed a bullish candle on the daily chart and according to analysts 16,500 level looks a good possibility.
• India VIX: The fear gauge jumped mildly, less than a per cent to 17.20 level on Monday over its close at 17.16 on Tuesday.

Asian shares rally at open
Asian shares rallied at the open on Wednesday on hopes that the current corporate earnings season will suggest companies are withstanding the impact of higher inflation and rising interest rates. MSCI's index of Asia-Pacific shares outside Japan was up by 1.27 per cent.

• Japan's Nikkei rallied 2.34%
• Australia's ASX 200 gained 1.80%
• New Zealand's DJ jumped 1.90%
• South Korea's Kospi surged 0.95%
• China's Shanghai advnaced 0.43%
• Hong Kong's Hang Seng rose 2.03%

US stocks settle higher
US stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

• Dow Jones rallied 2.43% to 31,827.05
• S&P 500 surged 2.76% to 3,936.69
• Nasdaq zoomed 3.11% to 11,713.15

Oil prices continue to slide
Oil prices fell slightly in early Asian trade on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens.

Brent crude prices fell 39 cents or 0.5 per cent to $106.96 a barrel by 0045 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents to $103.60 per barrel.

FIIs buy shares worth Rs 976 cr
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 976.4 crore, data available with NSE suggested. However, DIIs turned net sellers to the tune of Rs 100.73 crore, data suggests.

Stocks in F&O ban today
Only one stock - Delta Corp - is under the F&O ban for Wednesday, July 20. 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.

Q1 results today
Wipro, Havells (India), IndusInd Bank, Gland Pharma, Tata Communications, Oracle Financial Services, Syngene International, Century Plyboards (India), Mastek, Ceat, Hathway Cable & Datacom and Newgen Software are among the companies that will announce their earnings for the quarter ended June 2022.

MONEY MARKETS
Rupee: The rupee recovered from its all-time low of 80.05 to close 6 paise higher at 79.92 against the US dollar on Tuesday following forex inflows and suspected RBI intervention.

10-year bonds: India 10-year bond retreated marginally 0.04 per cent to 7.44 after trading in 7.43 - 7.47 range on Tuesday.

Call rates: The overnight call money rate weighted average stood at 4.70 per cent on Monday, according to RBI data. It moved in a range of 2.50-4.90 per cent.