SGX Nifty nears 19,000 level: Fed comments, Asian markets, dollar index, FPI flows & more

Domestic stocks are likely to see a positive start to Thursday's trade, tracking an overnight rally in US stocks. Asian markets were trading higher while dollar was down over 1 per cent after the US Fed Chair Jerome Powell said it was a time to slow the pace of interest rate hikes. Here's what you should know before the Opening Bell: 

Nifty outlook

Nifty on Wednesday made a new all-time high. The momentum oscillator RSI has given a falling trend line breakout. The crucial short-term moving averages are sitting below the index value, confirming the positive trend, said Rupak De of LKP Securities.  The trend is likely to remain bullish as long as it remains above 18,600 as the support level shifts higher, he said.  Resistance for the index is seen at 18,800 and 19,000 levels.

SGX Nifty signals a positive start 

Nifty futures on the Singapore Exchange quoted 74 points, or 0.39 per cent, higher at 18,990.50, hinting at a firm start for the domestic market on Thursday.

Asian markets jump in early trade

Asian shares climbed on Thursday, tracking overnight Wall Street gains after the US Federal Reserve chairman said the central bank could slow its pace of interest rate hikes as soon as December. Japan's Nikkei climbed 1.08 per cent to 28,269.92. Hang Seng surged 2.27 per cent to 19,019.37. Korea's Kospi added 0.75 per cent to 2,490.99. Shanghai Composite rose 1.21 per cent to 3,189.59.

US stocks settle sharply higher

Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December. Dow Jones rose 2.18 per cent to 34,589.24. S&P500 index climbed 3.09 per cent to end the session at 4,079.97. Nasdaq advanced 4.41 per cent to 11,468.

Powell says rate hikes to slow

The US Federal Reserve Chair Jerome Powell on Wednesday said it was time to slow the pace of coming interest rate hikes while also signalling a protracted economic adjustment to a world where borrowing costs will remain high, inflation comes down slowly and the United States remains chronically short of workers, Reuters reported.

Dollar index drops over 1%

The dollar index, which measures the currency against six major peers including the yen and euro, extended Wednesday's more than 1 per cent drop into Thursday, dipping as low as 105.69. It tumbled 5.2 per cent in November, its worst monthly showing since September 2010, Reuters reported.

Board meetings today

The boards of Cosmo First and Jenburkt Pharmaceuticals will meet today to consider a proposal of share buyback. The Quint Digital Media board will consider a proposal of rights issue while the board of Shreeji Translogistics will consider a proposal of stock split. 

Stocks in F&O ban

Shares of BHEL, Delta Corp, Indiabulls Housing and Punjab National Bank are banned in the F&O segment today. Derivative contracts in a 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.

FPI buy shares worth Rs 9,010 crore!

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 9,010.41 crore on Wednesday. Domestic institutional investors (DIIs) were sellers of equities to the tune of Rs 4,056.40 crore.

Rupee gains 41 paise against dollar

The rupee rose 41 paise to settle at a two-week high of 81.31 against the dollar on Wednesday as a weak greenback in the overseas market and huge foreign fund inflows into the capital markets boosted investor sentiment. The local unit settled at 81.31 -- the highest closing level since November 16. On Tuesday, the rupee declined 4 paise to close at 81.72 against the dollar.

Also Read: Rs 35,000 crore inflows! Here's how FPIs' November shopping cart looked like