Tuesday, May 30, 2023
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SGX Nifty falls 26 points: Asian stocks, crude oil prices, dollar movement, Q4 earnings & more

It is expected that domestic market indices will begin the new week on a subdued note due to the fact that global indications remain mixed. On Friday, stock prices in the United States of America reached a new low, while Asian stock markets opened with losses. Investor mood took a hit as a result of renewed worries around the US debt limit and other geopolitical issues. Before the opening bell rings, this is what you need to be aware of:

Nifty outlook

According to Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, the Nifty has found support close to the 23.6 percent retracement level of 18,076. Since April 21st, the Put-Call Ratio, which is a gauge of emotion, dropped below the value of 1 for the first time since then. According to Ramani, the uptrend is more likely to restart if the price action succeeds in bouncing off of the retracement zones located at 23.6%. ┬áIf the Nifty index manages to break through this level, then the price may either continue to consolidate or continue to correct. If that’s the case, the next level of support for the Nifty is around 18,000, which is where the most put options are being written,” he said.

SGX Nifty signals a negative start

Futures for the Nifty index on the Singapore Exchange closed down 25.50 points, or 0.14 percent, at 18,212.50, indicating that the local market is likely to get off to a poor start on Monday.

Asian stocks mixed in early trade

On Monday, Asian stock markets began with a mixed tone as the US debt limit discussions entered a critical phase after hitting a stalemate the previous week. At the same time, persistent banking issues and new geopolitical concerns hampered confidence. The most comprehensive index that MSCI maintains of Asia-Pacific stocks other than Japan was down 0.04 percent. The Nikkei in Japan remained unchanged, while the Shanghai Composite in China advanced 0.10 percent, the Hang Seng in Hong Kong gained 0.31 percent, and the Kospi in South Korea advanced 0.66 percent.

Oil prices edge higher

On Monday, oil prices inched up as a result of a weaker dollar as well as production cutbacks from Canada and OPEC+ members. Investors, on the other hand, waited to see if a vow by the Group of Seven (G7) countries to firmly enforce price controls on Russian energy would have an effect on Russian exports. At 00:18 GMT, Brent oil futures increased by 14 cents, which is equivalent to 0.2 percent, to $75.72 a barrel. US West Texas Intermediate crude for July delivery, which is the more commonly traded commodity, was at $71.84 a barrel, an increase of 15 cents, which is equivalent to 0.2 percent.

Dollar falls from two-week high

The head of the Federal Reserve also said that after a year of strong rate rises, officials can afford to make ‘careful evaluations’ of the effect of rate hikes on the economic outlook. This posture was perceived as dovish by the markets since it indicated that the Fed would take a more measured approach to future rate hikes. As a result of this, the value of the dollar fell to 103.06 versus its major competitors on Monday, remaining unchanged from its previous level of 103.06, which was a two-month high.

Wall Street stocks settle lower

On Friday, the stock market in the United States ended the trading week on a negative note. This was due to early gains dissipating when discussions in Washington about the US debt limit were halted, which dampened hope that a compromise could be struck in the following days to avoid a default. The Dow Jones Industrial Average sank 109.28 points, which is equivalent to a 0.33 percent loss, to 33,426.63. The S&P 500 lost 6.07 points, which is equivalent to a 0.14 percent loss, to 4,191.98. The Nasdaq Composite slid 30.94 points, which is equivalent to a 0.24 percent loss, to 12,657.90.

Q4 earnings today

Shree Cements, BPCL, PB Fintech, Aditya Birla Fashion and Retail, SJVN, Capri Global, EIH, Finolex Industries, CESC, Sun Pharma Advanced Research Company, Garware Technical Fibres, Keystone Realtors, Indiabulls Housing Finance, Gujarat Alkalies, Fusion Micro Finance, HEG, Borosil, Sansera Engineering, JTEKT India and Camlin Fine Sciences are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban

The National Stock Exchange (NSE) has restricted trading in six different stocks for Monday, May 22. These stocks include L&T Finance Holdings, Aditya Birla Fashion & Retail, Delta Corp., Balrampur Chini Mills, Manappuram Finance, and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC). When a security’s overall position exceeds 95 percent of the market-wide position limit (MWPL), derivative transactions on that security are prohibited. In regard to the aforementioned security’s derivative contracts, it is not possible to open any fresh positions. When the open interest in the stock falls to less than 80 percent of the MWPL across all exchanges, this limitation will be abolished.

FPIs sell shares worth Rs 113 crore

On Friday, foreign portfolio investors (FPIs) acted as net sellers of domestic equities to the tune of Rs 113.46 crore, according to provisional data made available by the NSE. On the other hand, domestic institutional investors (DIIs) made a net purchase of 1,071.35 crore worth of Indian shares.

Rupee falls 5 paise against dollar

On Friday, the value of the rupee decreased against the US dollar by 5 paise, bringing it to a final price of 82.67. Both a strong performance by the US dollar in other parts of the world and an increase in the price of crude oil on the global market contributed to this decline. However, dealers said that a strong trend in local equity markets helped sustain the rupee and restrain the currency’s decline.

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