Nifty today: SGX Nifty down 170 points; here’s what changed for market while you were sleeping

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Domestic equity markets are set for another gap-down opening on Wednesday, tracking negative cues from Asian peers, which sank sharply during the early trading hours. US stocks, too, continued to tumble and settled mixed after a wobbly trade. The strength in the dollar is worrisome for emerging markets, which is hurting other currencies. 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 173 points, or 1.01 per cent, lower at 16,882, signaling that Dalal Street was headed for a negative start on Wednesday.

  • Tech View: The Nifty50 broke below its crucial short-term support at 50-DMA, placed at 17,340. It bounced back from its long-term support placed at 200-DMA at 16,993. It formed a bearish candle on the daily charts. The index has been making lower highs and lower lows on daily charts and the SuperTrend indicator also triggered a sell on the daily charts.
  • India VIX: The fear gauge dropped almost 2 per cent, to 21.56 level on Tuesday over its close at 21.89 on Monday.

Asian stocks open with big cuts
Asian stocks fell sharply once again as traders kicked off a fresh day of trading Wednesday, tracking losses in New York and Europe fuelled by long-running recession fears. MSCI’s index of Asia-Pacific shares outside Japan was trading 1.54 per cent lower.

  • Japan’s Nikkei plunged 2.07%
  • Australia’s ASX 200 tanked 0.53%
  • New Zealand’s DJ dropped 0.56%
  • South Korea’s Kospi sank 2.32%
  • China’s Shanghai tumbled 0.71%
  • Hong Kong’s Hang Seng fell 2.23%

US stocks settle mostly lower
Wall Street sank deeper into a bear market on Tuesday, with the S&P 500 recording its lowest close in almost two-years as Federal Reserve policymakers showed an appetite for more interest rate hikes, even at the risk of throwing the economy into a downturn.

  • Dow Jones dropped 0.43% to 29,134.99
  • S&P 500 declined 0.21% to 3,647.29
  • Nasdaq jumped 0.25% at 10,829.50

Dollar advances on hawkish Fed speak
The pound languished near a record low on Wednesday on lingering concerns over Britain’s radical tax cuts to spur growth, while the dollar edged up after Treasury yields surged overnight.

  • Dollar index moved higher to 114.35
  • Euro edged southwards to $0.95735
  • Pound dropped lower to $1.0693
  • Yen was struggling at 144.79 per dollar
  • Yuan exchanged hands at 7.2191 against the greenback

Oil prices hold steady
Oil prices were mixed in early Asian trade on Wednesday as support from US production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar.

Brent crude futures fell 4 cents, or 0.1 per cent, to $86.23 per barrel by 0022 GMT, while US West Texas Intermediate (WTI) crude futures were up 22 cents at $78.03 per barrel.

FIIs sell shares worth Rs 2,824 cr

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2,823.96 crore, data available with NSE suggested. However, DIIs turned net buyers to the tune of Rs 3,504.76 crore, data suggests.

Stocks in F&O ban today
Two stocks –

and Zee Entertainments – are under the F&O ban for Wednesday, September 28. 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.

MONEY MARKETS

Rupee: The rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the US dollar on Tuesday as the American currency retreated from its elevated levels.

10-year bonds: India 10-year bond dropped sharply 0.91 per cent to 7.29 after trading in 7.28 – 7.41 range on Tuesday.

Call rates: The overnight call money rate weighted average stood at 5.35 per cent on Monday, according to RBI data. It moved in a range of 3.80-5.75 per cent.

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