HomeMarket InsiderSGX Nifty up 45 points: Asian stocks, Crude prices, dollar movement, Q4...

SGX Nifty up 45 points: Asian stocks, Crude prices, dollar movement, Q4 earnings & more

On Thursday, domestic stock indices are likely to open higher due to positive global cues. Overnight, US equities finished significantly higher due to a reduction in debt ceiling concerns. The majority of Asian markets were higher in early trading. Domestically, the Q4 results of blue-chip companies such as SBI, ITC, and GAIL will influence near-term market sentiment. Here is what you need to know prior to the opening bell:

Nifty outlook

Until the index trades above 18,100, Stoxbox expects the index to increase. According to the report, support is located at 18,100, followed by 18,000 and 17,870.

“If the Nifty closes above 18,300 on the 15-minute chart, intraday traders may seek long opportunities.” “Traders can only initiate new short positions if the Nifty falls below 18,100 and stays below it for 15 minutes,” the report stated.

SGX Nifty signals a positive start

Nifty futures traded 45 points, or 0.25 percent, higher at 18,277 on the Singapore Exchange, indicating a positive start for the domestic market on Thursday.

Asian stocks open higher

Asian equities opened with substantial gains in anticipation of significant economic data from Japan and Australia and an interest rate decision from the Philippines, as well as rising optimism that an agreement on the US debt ceiling is imminent. The MSCI Asia-Pacific ex-Japan broadest index increased 0.68 percent. The Nikkei rose 1.40 percent, the Shanghai Composite rose 0.40 percent, the Hang Seng rose 1.07 percent, and the Kospi rose 0.57 percent.

Oil falls on easing supply concerns

After a nearly 3 percent increase in the previous session, oil prices retreated slightly on Thursday due to worries about an ample supply. Brent crude futures declined 24 cents to $76.72 a barrel. US West Texas Intermediate crude fell 21 cents to $72.62 per barrel. On Wednesday, both benchmarks gained nearly 3 percent due to optimism regarding oil demand and US debt ceiling negotiations.

Dollar firm amid debt ceiling talks

The US dollar remained near a seven-week high on Thursday as President Joe Biden and the top Republican in the US Congress, Kevin McCarthy, worked to avoid a devastating debt default, while the Australian dollar declined due to disappointing employment data. The surge in Treasury yields contributed to the dollar’s appreciation. The dollar index strengthened close to its seven-week high and closed at 102.86. At $1.0841, the euro was under pressure near a six-week low. The Japanese yen was last exchanged for 137.50 US dollars. In other regions, sterling fell 0.02 percent to $1.2485.

Wall Street stocks settle higher

Optimism about a potential agreement on the $31.4 trillion federal debt ceiling and a rebound in regional bank shares, which allayed worries about the sector’s problems getting worse, fueled Wednesday’s stock market rally. The Dow Jones Industrial Average rose 408.63 points, or 1.24 percent, to 33,420.77; the S&P 500 rose 48.87 points, or 1.19 percent, to 4,158.77; and the Nasdaq Composite rose 157.51 points, or 1.28 percent, to 12,500.57.

Q4 earnings today

The companies ITC, State Bank of India, InterGlobe Aviation, GAIL (India), United Spirits, Zydus Lifesciences, PI Industries, Tata Elxsi, Container Corporation of India, UNO Minda, Gland Pharma, Sumitomo Chemical India, Bata India, The Ramco Cements, Clean Science & Technology, Krishna Institute of Medical Sciences, PNB Housing Finance, Gujarat Narmada Valley Fertilisers & Chemicals, RITES, and Hindu

Stocks in F&O ban

The National Stock Exchange (NSE) has banned trading in seven equities on May 18: Aditya Birla Fashion & Retail, LIC Housing Finance, Punjab National Bank (PNB), Delta Corp., Balrampur Chini Mills, Manappuram Finance, and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC). When a security’s position exceeds 95% of the market-wide position limit (MWPL), derivative contracts on that security are prohibited. No new positions are allowed to be established in the derivative contracts of the security in question. When the open interest in the stock falls below 80 percent of the MWPL across all exchanges, this restriction is lifted.

FPIs buy shares worth Rs 149 crore

On Wednesday, according to preliminary data from the NSE, foreign institutional investors were net purchasers of domestic equities to the extent of Rs 149.33 crore. Despite this, domestic institutional investors (DIIs) became net sellers of Indian equities to the extent of Rs 203.87 crore.

Rupee falls 12 paise against dollar

Wednesday’s closing price for the rupee against the US dollar was 82.37 rupees, a decline of 12 paise due to the strength of the US dollar on foreign exchange markets and a downward trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.29 against the dollar, which was also the intraday high, and closed at 82.37, 12 paise lower than its previous close.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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