SGX Nifty up 44 points: Asian markets mixed, crude prices spike, FPI flows & more

Dalal Street is likely to kick off the FY24 on a positive note, even as crude oil prices jumped following the decision by OPEC+ members to cut oil production from May onwards. Asian markets were trading mixed while US stocks settled with big gains on Friday. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty made a higher bottom on the daily chart while it formed a long bullish candle on the weekly chart, which was broadly positive. In addition, the index successfully traded above the 20-day SMA level after a long, which indicated further uptrend from the current levels, said Amol Athawale, Deputy Vice President - Technical Analyst at Kotak Securities.

"We are of the view that, uptrend wave is likely to continue in the near future. For traders, the 20-day SMA or 17,200 level would act as a sacrosanct support zone and the index could rally till 200-day SMA or 17,450 -17,550 above the same," he said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 44 points, or 0.25 per cent, higher at 17,461.50, hinting at a positive start for the domestic market on Monday.

Asian shares mixed in early trade
Asian markets opened on a mixed note on Monday as the jump in crude oil prices over proposed supply cuts stroked inflation fears just days after a slowdown in US price data had boosted market optimism. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.28 per cent. Japan's Nikkei rose 0.45 per cent; China's Shanghai advanced 0.37 per cent; Hong Kong's Hang Seng shed 0.31 per cent and Korea's Kospi declined 0.11 per cent.

Oil soars 6% on surprise production cut
Oil prices jumped about $5 a barrel on Monday's open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up $5.06, or 6.3 per cent. US West Texas Intermediate crude touched its highest since late January and was at $80.47 a barrel, up $4.80, or 6.3 per cent.

Wall Street stocks settle higher
Wall Street stocks rallied more than 1 per cent on Friday and the Nasdaq notched its biggest quarterly percentage gain since June 2020. The Dow Jones Industrial Average rose 415.12 points, or 1.26 per cent, to 33,274.15, the S&P 500 gained 58.48 points, or 1.44 per cent, to 4,109.31 and the Nasdaq Composite added 208.44 points, or 1.74 per cent, to 12,221.91.

Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Monday, April 3. 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 358 crore
Provisional data available with NSE suggests FPIs turned net buyers of domestic stocks to the tune of Rs 357.86 crore on Monday. However, domestic institutional investors (DIIs) turned to sellers of equities to the tune of Rs 2,479.96 crore.

Rupee gains 17 paise against dollar
The rupee appreciated 17 paise to 82.17 against the US dollar on Friday as foreign capital inflows and a rally in domestic stocks bolstered investor sentiment. Besides, easing global crude oil prices and rising appetite for riskier assets also supported the domestic unit, forex traders said.


Note: With inputs from PTI, Reuters and other agencies

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