SGX Nifty signals firm start: Asian markets, US inflation data; Sula Vineyards, Landmark Cars IPOs & more

Domestic stocks are likely to see positive start to Tuesday's trade amid optimism globally ahead US inflation data due later in the day and the outcome of the US Fed policy review later on Wednesday. Asian markets were trading mostly higher in early trade. All eyes would be on the kick start of Landmark Cars IPO and the ongoing offer by Sula Vineyards.  Here's what you should know before the Opening Bell:

Nifty outlook

The short term trend of Nifty remains negative, but the emergence of buying from the intraday low of Monday could be a cheering factor for bulls to make a comeback. A sustainable upmove only above the hurdle of 18,650 levels could confirm uptrend continuation pattern, said Nagaraj Shetti of HDFC Securities, who said the immediate support for the index is placed at 18,350 level.

SGX Nifty signals a positive start 

Nifty futures on the Singapore Exchange quoted 32.50 points, or 0.17 per cent, higher at 18,630.50, hinting at a positive start for the domestic market on Tuesday.

Asian markets rise in early trade

Asian stock markets were buoyed on Tuesday by overnight optimism on Wall Street that the US Federal Reserve and other central banks would ease off on the pace at which interest rates have been hiked to tackle the highest inflation levels in decades. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.17 per cent while Japan's Nikkei and Seoul's Kospi index were up 0.32 per cent and 0.01 per cent, respectively. Australian shares rose 0.34 per cent.

US stocks settle higher

Wall Street stocks and US Treasury yields all rose on Monday as investors took an optimistic stance ahead of the last round of transatlantic central bank interest rate hikes this year, hoping that the now-hefty pace of increases in borrowing costs will finally slow, Reuters reported. Dow Jones Industrial Average was up nearly 1.6 per cent, S&P500 index gained 1.4 per cent, and Nasdaq Composite rose 1.25 per cent.

Landmark Cars IPO to kick off today

The Rs 552 crore initial share-sale by automobile dealership chain Landmark Cars will open for public subscription today. The price band for the issue is fixed at Rs 481-506 per share. The three-day initial public offering (IPO) will conclude on December 15. Ahead of its IPO, the company finalised allotment of 32,66,797 shares to anchor investors at Rs 506 apiece.

Stocks in F&O ban

Shares of BHEL, Delta Corp, GNFC and Punjab National Bank are banned in the F&O segment today. 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.

DIIs buy shares worth Rs 696 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 138.81crore on Monday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 695.60 crore.

Rupee falls 23 paise against dollar

Snapping a three-day rising streak, the rupee declined 23 paise to close at 82.51 against the dollar on Monday, pressured by a lacklustre trend in the domestic equity markets and foreign capital outflows.  Forex traders said risk-off sentiment in global markets also weighed on the local unit, PTI reported.

Also read: Wall Street rallies with inflation, Fed on tap; Microsoft, Pfizer shares rise

Also read: Sula Vineyards IPO subscribed 28% on Day 1; grey market premium drops to Rs 19 apiece