SGX Nifty sheds 75 points: Asian markets, oil prices, FPI flow trend, corporate actions & more

Domestic stocks are likely to see weak a choppy start to Tuesday's trade, following an overnight fall in US stocks on concerns over Apple production amid rare China protests. Asian markets were trading mixed in early trade, but crude oil prices continued to fall further, easing concerns for India a bit, which imports more than 80 per cent of its energy requirements.  Here's what you should know before the Opening Bell: 

Nifty outlook

Nifty as per the weekly chart is in a sharp uptrend movement and there is no sign of any reversal observed at the highs, said  Nagaraj Shetti of HDFC Securities, who sees immediate support at the 18,350 level. The next upside target to be watched for Nifty is at 0.786 per cent Fibonacci extension at the 18,955 level, he said. This could be achieved in the next 1-2 weeks, the analyst added.

SGX Nifty signals a weak start 

Nifty futures on the Singapore Exchange quoted 75 points, or 0.40 per cent, lower at 18,654, hinting at a weak start for the domestic market on Tuesday.

Asian markets mixed in early trade

Asian markets were trading mixed in Tuesday's trade despite an overnight fall in US stocks. Hong Kong's Hang Seng jumped 2.37 per cent; Korea's Kospi was up 0.18 per cent; Japan's Nikkei fell 0.47 per cent while a key Taiwanese index edged 0.12 per cent lower. New Zealand stocks rose but Australian stocks declined in early trade.

US stocks end lower

US stocks settled sharply lower on Monday as Apple Inc tanked on worries about a hit to iPhone production, thanks to protests in major Chinese cities against strict Covid policies, which also raised concerns about the economic growth of the second largest economy. Dow Jones fell 1.45 per cent to 33,849.46. The S&P500 index declined 1.54 per cent to end the session at 3,963.95. Nasdaq Composite declined 1.58 per cent to 11,049.50 points.

Oil prices fall on China demand concerns

Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict Covid-19 curbs. Brent crude futures fell 45 cents, or 0.5 percent, to trade at $82.74 a barrel. US West Texas Intermediate (WTI) crude futures dropped 51 cents, or 0.7%, to $76.73 a barrel.

Corporate actions today

Tuesday will see shares of Vedanta going ex-dividend. Shares of Navoday Enterprises Planners will go ex-bonus in the 1:1 ratio while that of Shriram City Union Finance will go ex-amalgamation.  The board of RCF will meet today to consider interim dividend. The board of Ranjeet Mechatronics will consider a proposal of the preferential issue of shares today.

Stocks in F&O ban

Shares of BHEL, Delta Corp, and Indiabulls Housing are banned in the F&O segment today. Derivative contracts in security are banned when they cross 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.
 
FIIs buy shares worth Rs 936 crore

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 935.88 crore on Monday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 87.93 crore.

Rupee gains 37 paise against dollar

The rupee climbed 5 paise to settle at 81.66 against the dollar on Monday as lower crude prices in and a firm trend in domestic equities boosted investor sentiment. Besides, a weak greenback and foreign fund inflows also supported the domestic unit, forex traders said.

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