Stock Market Today: SGX Nifty, Asian markets, dollar index, oil prices, corporate actions & more

Domestic stocks are likely to see a muted start to Monday's trade, tracking a tepid trend in other Asian markets, as US stocks declined overnight on concerns over US rate hikes and looming recession. Dollar edged higher while oil prices were largely mixed in early trade. Here's what you should know before the Opening Bell: 

Nifty outlook

Nifty on Tuesday sustained above the support of 10-day EMA and also a support of ascending trend line as per the concept of change in polarity. While the index declined in the last three sessions, any significant negative reversal pattern was absent. This was a positive indication, said Nagaraj Shetti of HDFC Securities. The index remained in a consolidation movement with gradual weakness. It is expected to witness upside bounce from near the support of 18,550 levels in the next 1-2 sessions, Shetti said.
 
SGX Nifty signals a muted start 

Nifty futures on the Singapore Exchange quoted 16.50 points, or 0.09 per cent, lower at 18,736, hinting at a muted start for the domestic market on Wednesday.

Asian markets edge lower

Asian markets extended recent fall amid concerns over the US Fed rate hikes following a strong set of economic data. Japan's Nikkei declined 0.50 per cent, China's Shanghai Composite index fell 0.33 per cent, South Korea's Kospi edged 0.10 per cent lower while Hong Kong's Hang Seng rose 0.45 per cent, bucking the weak Asian trend. 

US indices fall up to 2%

US stocks settled lower on Tuesday, with the S&P500 extending its losing streak to four sessions, as skittish investors fretted over the US Fed rate hikes and talks of a looming recession, Reuters reported. Dow Jones declined 1.03 per cent to 33,596.34. S&P500 index fell 1.44 per cent to 3,941.26. Nasdaq Composite lost 2 per cent to close at 11,014.89.

Oil opens mixed amid economic fears

Oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year as economic uncertainty and the prospect of higher interest rates pressured prices. Brent crude futures rose 17 cents, or 0.2 per cent, at $79.52 a barrel. Last session the benchmark fell below $80 for the second time in 2022. US crude futures fell 3 cents to $74.22 a barrel.

Dollar index edges higher

The dollar crept higher on Wednesday as top executives from the biggest US banks warned of an impending recession, which dampened risk appetite and kept the greenback supported. Against a basket of currencies, the US dollar index was last 0.05 per cent higher at 105.60.

Corporate actions today

Wednesday would see shares of Hatsun Agro Products going ex-rights while those of Hinduja Global Solutions turning ex-dividend today. Advait Infratech will turn ex-EGM today, data available with BSE suggests. Advait Infratech will turn ex-EGM today. This company had fixed December 7 as the cut-off date for determining the members eligible to vote on the resolutions set out in the notice of the EGM or to attend and vote at the EGM. 

Stocks in F&O ban

Shares of GNFC, Indiabulls Housing 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.

FPIs sell shares worth Rs 635 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 635.35 crore on Tuesday. Domestic institutional investors (DIIs) were sellers of equities to the tune of Rs 558.67 crore.

Rupee dives 65 paise against dollar

The rupee declined by 65 paise to close at over one-month low of 82.50 against the US dollar on Tuesday due to heavy selling pressure in domestic equities and rising crude prices in the overseas markets. In addition, investors remained concerned over continued foreign capital outflows ahead of the RBI's policy announcement on Wednesday, forex dealers said.

Also read: Share Market News Live: Sensex, Nifty likely to open lower ahead of RBI policy outcome

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