Domestic stocks are likely to see a positive start to Monday's trade amid optimism over easing Covid restrictions in China. Asian markets were trading largely higher in early trade while dollar was trading a bit lower. The day would see shares of LTIMindtree getting listed as the merged entity. Here's what you should know before the Opening Bell:
Nifty on Friday settled below the 18,900 level and recorded its first fall in nine sessions. The 50-pack index negated its higher high-low and formed a bearish candle on the daily chart. On the weekly scale, the index formed a bullish candle but with a long wick, suggesting selling at higher levels.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 47.50 points, or 0.25 per cent, higher at 18,872, hinting at a positive start for the domestic market on Monday.
Asian shares rise, dollar fall
Asian shares rose on Monday morning amid unwinding of Covid-related restrictions in China. Japan's Nikkei rose 0.07 per cent, China's Shanghai Composite added 0.81 per cent while Hong Kong's Hang Seng advanced 2.70 per cent. South Korea's Kospi was flat. The dollar index, which has inverse relation with equities, was trading 0.24 per cent lower at 104.19 level.
US stocks settle lower
US stocks settled slightly lower on Friday, although major indices rallied off their worst levels of the day, as the November payrolls report fuelled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation. Dow Jones rose 34.87 points, or 0.10 per cent, to 34,429.88. S&P500 index lost 4.87 points, or 0.12 per cent, to end at 4,071.70. Nasdaq Composite fell 20.95 points, or 0.18 per cent, to 11,461.50.
Oil rises after OPEC+ holds oil output targets
Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday, Reuters reported. At the same time, in a positive sign for fuel demand, more Chinese cities eased Covid curbs over the weekend. Brent crude futures climbed 39 cents, or 0.5 per cent, to $85.96 a barrel, while US WTI crude futures rose 37 cents, or 0.5 per cent, to $80.35 a barrel.
Corporate actions today
Monday would see the relisting ceremony of LTIMindtree. The new shares of LTIMindtree allotted in lieu of Mindtree shares will be available for trading today, along with the existing equity shares of the company, upon listing. Shares of Panchsheel Organics will go ex-dividend today. The boards of Alfa Transformers and Gujarat Toolroom will meet today to consider proposals of preferential issue of shares. Also, the board of Marg Techno Projects will consider a proposal of stock split. The Sukhjit Starch & Chemicals board, meanwhile, would consider an interim dividend today.
Stocks in F&O ban
Shares of Delta Corp, 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.
DIIs buy shares worth Rs 712 crore
Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 214.76 crore on Friday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 712.34 crore.
Rupee falls 7 paise against dollar
The rupee pared its initial gains to settle 7 paise lower at 81.33 against the US dollar on Friday as the support from weak dollar was negated by weak domestic markets and gains in crude oil prices. Forex traders said foreign fund outflows also weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.11, but pared the gains and ended at 81.33, down 7 paise over its previous close.
Also read: Sensex, Nifty: Key factors that may influence Dalal Street this week
Also read: Nifty sees profit booking after 8-day rally; 18,900 a key hurdle, say analysts
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