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SGX Nifty up 49 points: Asian markets, dollar movement, Q3 earnings, FPI flows & more

SGX Nifty up 49 points: Asian markets, dollar movement, Q3 earnings, FPI flows & more

Nifty futures on the Singapore Exchange quoted 49 points, or 0.027 per cent up at 17,999, hinting at a positive start for the domestic market on Thursday.

Nifty has repeatedly tested the support of 17,800 level by forming lower highs. The market action of the last 2-3 weeks suggested a formation of Triangle-type pattern, said analysts. Nifty has repeatedly tested the support of 17,800 level by forming lower highs. The market action of the last 2-3 weeks suggested a formation of Triangle-type pattern, said analysts.

Domestic stock indices are likely to open higher on Thursday, tracking firm global cues. Asian stocks opened higher, tracking an overnight rise in US stocks, thanks to hopes of softening of US inflation. Back home, traders will be keenly awaiting Q3 earnings from IT majors like Infosys, and HCL Technologies. Here's what you should know before the opening bell:

Nifty outlook

Nifty has repeatedly tested the support of the 17,800 level by forming lower highs. The market action of the last 2-3 weeks suggested the formation of a Triangle-type pattern. Nifty is now placed at the lower end of a Triangle, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"The short-term trend of Nifty continues to be negative with choppy movement. Having failed to show any sustainable upside bounce from the lower supports recently, the odds of decisive downside breakout below 17,800 levels is higher in the near term. Immediate resistance is placed around 18,000 levels," he said.

SGX Nifty signals a strong start

Nifty futures on the Singapore Exchange quoted 49 points, or 0.27 per cent up at 17,999, hinting at a positive start for the domestic market on Thursday.

Asian shares trade higher

Asian equities opened higher on Thursday morning, tracking Wall Street gains.  Japan's Nikkei shed 0.10 per cent; Australia's ASX 200 climbed 1 per cent; Hong Kong's Hang Seng advanced 0.64 per cent; Korea’s Kospi added 0.71 per cent; and China's Shanghai Composite added 0.14 per cent.

Dollar steady ahead of key data release

The dollar stood cautiously steady ahead of the closely watched US inflation data out later on Thursday, Reuters reported. The US dollar index crept 0.02 per cent higher to 103.14, whereas the Japanese yen jumped nearly 0.7 per cent to 131.58 per dollar in early Asia trade. Sterling was little changed at $1.21505, while the euro was last 0.07 per cent higher at $1.0764.
 
Wall Street stocks settle higher

US stocks ended up sharply on Wednesday, with the S&P 500 and Nasdaq gaining more than 1 per cent each as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes. Dow Jones Industrial Average index gained 268.91 points, or 0.80 per cent, to 33,973.01; S&P500 index added 50.36 points, or 3,969.61 per cent, at 3,919.25; and the Nasdaq Composite index rallied 189.04 points, or 1.76 per cent, to 10,931.67.

Q3 earnings today

Infosys, HCL Technologies, Cyient, Anand Rathi Wealth, Den Networks, GTPL Hathway, GM Breweries, Emami Realty and Advik Capital are among the companies that will announce their results for the December 2022 quarter.

Stocks in F&O ban

GNFC and Indiabulls Housing Finance are the two stocks added by National Stock Exchange (NSE) under the F&O ban for Thursday, January 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 sell shares worth Rs 3,208 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 3,208.15 crore on Wednesday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 2,430.62 crore.

Rupee gains 13 paise against dollar

The rupee gained 13 paise to close at 81.61 against the US dollar on Wednesday, driven by foreign inflows from bonds selling and overall weakness in crude oil prices. A muted trend in domestic equities dented investor sentiments and capped the sharp gains in the rupee.

Note: With inputs from PTI, Reuters and other agencies

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Published on: Jan 12, 2023, 8:10 AM IST
Posted by: Mehak Agarwal, Jan 12, 2023, 8:05 AM IST