SGX Nifty down 67 points: Asian stocks, Crude prices, dollar movement, Q4 earnings & more
Nifty futures on the Singapore Exchange traded 67 points, or 0.37 per cent, lower at 18,283, hinting at a negative start for the domestic market on Friday.
- May 12, 2023,
- Updated May 12, 2023 8:55 AM IST
Domestic stock indices are likely to open lower on Friday amid muted global cues. Asian peers opened mostly lower while US stocks settled mixed overnight after soft economic data. At home, all eyes will be on earnings of a few large cap companies. Here's what you should know before the Opening Bell:Nifty outlook Nifty formed a Bearish Engulfing pattern on the daily chart, which generally indicates a potential reversal in the market trend, said Rupak De, Senior Technical Analyst at LKP Securities. "Adding to the bearish sentiment, the RSI has entered a bearish crossover. In terms of key levels, the support for the index is seen at 18,200. On the other hand, resistance is seen at 18,400," he said.SGX Nifty signals a negative start Nifty futures on the Singapore Exchange traded 67 points, or 0.37 per cent, lower at 18,283, hinting at a negative start for the domestic market on Friday.Asian stocks mixed after soft data Asian share markets were mixed on Friday as the dollar held onto its recent gains after soft economic data from US and China intensified global slowdown concerns. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.36 per cent. Japan's Nikkei jumped 0.80 per cent; Australia's ASX 200 declined 0.16 per cent; New Zealand's DJ gained 0.42 per cent; China's Shanghai dropped 0.51 per cent; Hong Kong's Hang Seng shed 0.22 per cent and Korea's Kospi surged 0.59 per cent.Oil prices up but gains capped Oil markets regained some ground in early Asian trade on Friday with traders engaged in short-covering ahead of the weekend, but uncertainties regarding the US debt ceiling and renewed fears over a US regional banking crisis capped gains. Brent crude futures rose by 36 cents, or 0.5 per cent, to $75.34 a barrel by 0051 GMT. US crude futures gained 41 cents, or 0.6 per cent, to $71.28.Dollar nears one-week high The US dollar was clinging close to a more than one week peak on Friday as a slew of data overnight pointed to a slowing US economy, with investors betting that the Federal Reserve will further pause its interest rate increases. The dollar index eased 0.059 per cent to 102.02, not far from the 102.15 it touched overnight. The euro was up 0.03 per cent to $1.0917, while the Japanese yen strengthened 0.03 per cent to 134.53 per dollar. The Australian dollar eased 0.01 per cent to $0.670. The kiwi fell 0.24 per cent to $0.628. Sterling was last trading at $1.2512, up 0.02 per cent on the day.Wall Street stocks settle mixed The Dow and the S&P 500 ended lower on Thursday, dragged down by Walt Disney Co as it lost subscribers, while PacWest led declines in regional banks after posting a drop in deposits. Lifting the Nasdaq, shares of Alphabet Inc rose 4.3 per cent, a day after Google rolled out more artificial intelligence products to take on competition from Microsoft Corp. The Dow Jones Industrial Average fell 221.82 points, or 0.66 per cent, to 33,309.51; the S&P 500 lost 7.02 points, or 0.17 per cent, at 4,130.62;and the Nasdaq Composite added 22.07 points, or 0.18 per cent, at 12,328.51.Q4 earnings today Tata Motors, Vedanta, DLF, Hindustan Aeronautics, Cipla, Polycab India, Indian Overseas Bank, Colgate Palmolive (India), Hindustan Petroleum Corporation, Indraprastha Gas, APL Apollo Tubes, Max Financial Services, Cholamandalam Financial Holdings, India Grid Trust, Manappuram Finance, Great Eastern Shipping Company, Shree Renuka Sugars, Sapphire Foods India and Laxmi Organic Industries are among the companies that will announce their earnings for the March 2023 quarter.Stocks in F&O ban Four stocks- Punjab National Bank (PNB), Canara Bank, Bharat Heavy Electrical (BHEL) and Manappuram Finance- have been put under the ban by National Stock Exchange (NSE) for Friday, May 12. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.FPIs buy shares worth Rs 837.21 cr Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 837.21 crore on Thursday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 200.09 crore.Rupee falls 15 paise against dollar The rupee depreciated by 15 paise to close at 82.09 against the US dollar on Thursday, tracking a strong American currency and rising crude oil prices in overseas markets. Besides, negative sentiments in the equity markets also dragged down the local unit. Note: With inputs from PTI, Reuters and other agencies
Also read: Tata Motors to share Q4 results today. Stock in focus as strong JLR sales may boost profit
Domestic stock indices are likely to open lower on Friday amid muted global cues. Asian peers opened mostly lower while US stocks settled mixed overnight after soft economic data. At home, all eyes will be on earnings of a few large cap companies. Here's what you should know before the Opening Bell:Nifty outlook Nifty formed a Bearish Engulfing pattern on the daily chart, which generally indicates a potential reversal in the market trend, said Rupak De, Senior Technical Analyst at LKP Securities. "Adding to the bearish sentiment, the RSI has entered a bearish crossover. In terms of key levels, the support for the index is seen at 18,200. On the other hand, resistance is seen at 18,400," he said.SGX Nifty signals a negative start Nifty futures on the Singapore Exchange traded 67 points, or 0.37 per cent, lower at 18,283, hinting at a negative start for the domestic market on Friday.Asian stocks mixed after soft data Asian share markets were mixed on Friday as the dollar held onto its recent gains after soft economic data from US and China intensified global slowdown concerns. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.36 per cent. Japan's Nikkei jumped 0.80 per cent; Australia's ASX 200 declined 0.16 per cent; New Zealand's DJ gained 0.42 per cent; China's Shanghai dropped 0.51 per cent; Hong Kong's Hang Seng shed 0.22 per cent and Korea's Kospi surged 0.59 per cent.Oil prices up but gains capped Oil markets regained some ground in early Asian trade on Friday with traders engaged in short-covering ahead of the weekend, but uncertainties regarding the US debt ceiling and renewed fears over a US regional banking crisis capped gains. Brent crude futures rose by 36 cents, or 0.5 per cent, to $75.34 a barrel by 0051 GMT. US crude futures gained 41 cents, or 0.6 per cent, to $71.28.Dollar nears one-week high The US dollar was clinging close to a more than one week peak on Friday as a slew of data overnight pointed to a slowing US economy, with investors betting that the Federal Reserve will further pause its interest rate increases. The dollar index eased 0.059 per cent to 102.02, not far from the 102.15 it touched overnight. The euro was up 0.03 per cent to $1.0917, while the Japanese yen strengthened 0.03 per cent to 134.53 per dollar. The Australian dollar eased 0.01 per cent to $0.670. The kiwi fell 0.24 per cent to $0.628. Sterling was last trading at $1.2512, up 0.02 per cent on the day.Wall Street stocks settle mixed The Dow and the S&P 500 ended lower on Thursday, dragged down by Walt Disney Co as it lost subscribers, while PacWest led declines in regional banks after posting a drop in deposits. Lifting the Nasdaq, shares of Alphabet Inc rose 4.3 per cent, a day after Google rolled out more artificial intelligence products to take on competition from Microsoft Corp. The Dow Jones Industrial Average fell 221.82 points, or 0.66 per cent, to 33,309.51; the S&P 500 lost 7.02 points, or 0.17 per cent, at 4,130.62;and the Nasdaq Composite added 22.07 points, or 0.18 per cent, at 12,328.51.Q4 earnings today Tata Motors, Vedanta, DLF, Hindustan Aeronautics, Cipla, Polycab India, Indian Overseas Bank, Colgate Palmolive (India), Hindustan Petroleum Corporation, Indraprastha Gas, APL Apollo Tubes, Max Financial Services, Cholamandalam Financial Holdings, India Grid Trust, Manappuram Finance, Great Eastern Shipping Company, Shree Renuka Sugars, Sapphire Foods India and Laxmi Organic Industries are among the companies that will announce their earnings for the March 2023 quarter.Stocks in F&O ban Four stocks- Punjab National Bank (PNB), Canara Bank, Bharat Heavy Electrical (BHEL) and Manappuram Finance- have been put under the ban by National Stock Exchange (NSE) for Friday, May 12. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.FPIs buy shares worth Rs 837.21 cr Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 837.21 crore on Thursday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 200.09 crore.Rupee falls 15 paise against dollar The rupee depreciated by 15 paise to close at 82.09 against the US dollar on Thursday, tracking a strong American currency and rising crude oil prices in overseas markets. Besides, negative sentiments in the equity markets also dragged down the local unit. Note: With inputs from PTI, Reuters and other agencies
Also read: Tata Motors to share Q4 results today. Stock in focus as strong JLR sales may boost profit