SGX Nifty sheds 52 points: Asian markets await Chinese data, dollar hits 5-week high, oil prices fall

Domestic equity markets are likely to open lower on Monday amid cautious trading in Asia. US stocks settled lower on Friday while Asian investors were keenly awaiting Chinese industrial data. Dollar hit a 5-week high while oil prices were trading marginally lower on demand concerns. Here's what you should know before the Opening Bell:

Nifty outlook

Sameet Chavan of Angel One said the 18,200 level is likely to cushion any short-term blip, while the sacrosanct support lies around the 18,100-18,000 zone in the comparable period.

"Going ahead, we remain sanguine with the current momentum and would advocate the traders to utilise the dips to add long positions in the index. Also, the high beta index – Bank Nifty, has gained buying traction, which could provide a vital role in uplifting the overall sentiments of the market," he said.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 52 points, or 0.28 per cent, lower at 18,272, hinting at a negative start for the domestic market on Monday.

Asia stocks mixed ahead of China data

Asian stocks started the week on a cautious note as investors braced for the release of China's industrial and retail data, while awaiting a host of US Federal Reserve officials to speak to vindicate market pricing of rate cuts this year, Reuters reported. Japa's Nikkei rose 0.5 per cent, mainland China's Shanghai Composite fell 0.6 per cent while HongKong's Hang Seng was flat. Korea's Kospi fell 0.4 per cent.

Oil prices fall in early trade

Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers US and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in US buying for reserves. Brent crude futures declined 43 cents, or 0.6 per cent, to $73.74 a barrel while US West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5 per cent.

Dollar hits 5-week high

The US dollar rose to a five-week high against major peers on Monday as the safe-haven currency benefited from inflation worries at home and growth concerns globally, extending gains after its biggest weekly increase since September. The dollar index , which measures the currency against six major peers, reached 102.75 for the first time since April 10 in early Asian trading before then easing slightly to 102.63. It rallied 1.4 per cent last week, Reuters reported.

Wall Street settle lower

US stocks settled slightly lower on Friday, led by weaker megacap shares following their recent rally, as data showed US consumer sentiment dropped to a six-month low. The Dow Jones Industrial Average fell 8.89 points, or 0.03 per cent, to 33,300.62; the S&P500 index lost 6.54 points, or 0.16 per cent, to 4,124.08; and the Nasdaq Composite dropped 43.76 points, or 0.35 per cent, to 12,284.74.

Q4 earnings today

A handful of companies including Karur Vysya Bank, PVR Inox and Kalyan Jewellers will report their quarterly results today. Karur Vysya Bank is expected to see a 44.9 per cent rise ni net profit at Rs 309.30 crore in March quarter from Rs 213.50 crore YoY, Elara Securities said. JM Financial expects a volume driven 24 per cent sequential revenue decline (up 30 per cent YoY) for PVR-INOX.

Six stocks in F&O ban

Six stocks- Delta Corp, GNFC, 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 1,014 crore

Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,014.06 crore on Friday. Domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 922.19 crore.

Rupee falls 9 paise against dollar

Falling for the second straight session, the rupee depreciated by 9 paise to settle at 82.18 against the US dollar on Friday, as a strong greenback overseas weighed on investor sentiments. However, a positive trend in domestic equities and unabated foreign fund inflows cushioned the downslide, traders said.

Note: With inputs from PTI, Reuters and other agencies

Also read: Vedanta share price targets: High dividend payout likely but headwinds stay. Is stock worth buying post Q4 results? 

Also read: Karur Vysya Bank, PVR Inox, Kalyan Jewellers Q4 results today; Sula Vineyards shares to turn ex-dividend