HomeMarketsMarket InsightSGX Nifty up 162 points: Asian stocks, crude prices, dollar movement, Q4...

SGX Nifty up 162 points: Asian stocks, crude prices, dollar movement, Q4 earnings & more

The expectation that politicians in the United States would come to a deal on raising the debt limit could help domestic stock indexes get off to a strong start as the new week begins. Monday began with significant gains for Asian counterparts across the board. On Friday, US equities finished the trading day with a significant increase. Back in India, the results of the fourth quarter for a select number of corporations like Adani Transmission and IRCTC may cause stock-specific movements. Before the opening bell rings, this is what you need to be aware of:

Nifty outlook

On the daily chart, the Nifty price has broken above the previous swing high at 18,459, indicating that buyers are in the driver’s seat. According to Subash Gangandharan, Senior Technical and Derivative Analyst at HDFC Securities, one may anticipate that the upswing will continue in the next few sessions, and immediate upside objectives are located at 18,696.

“Corrections in the short term are not out of the question. The key support of 18,333 should be monitored carefully for signs of deterioration. According to him, more gains to the upside are expected if the immediate resistance level of 18,509 is overcome.

SGX Nifty signals a positive start

At a price of 18,710, Nifty futures on the Singapore Exchange were up 162 points, which is an increase of 0.87 percent. This suggests that the local market will get off to a strong start on Monday.

Asian stocks gain in early trade

Asian share prices rose on Monday as a result of a deal that US President Joe Biden and House Republican Kevin McCarthy reached over the weekend to suspend the government’s debt limit. This agreement put an end to a standoff that had been going on for months and relieved the anxiety that had been plaguing investors. The most comprehensive index that MSCI maintains of Asia-Pacific stocks other than Japan showed a 0.53 percent gain. The Nikkei of Japan increased by 1.48 percent, the Shanghai Composite Index of China added 0.44 percent, the Hang Seng of Hong Kong increased by 0.18 percent, and the Kospi of South Korea increased by 0.36 percent.

Oil prices above $77 a barrel level

Oil prices increased during the early morning session in Asia on Monday as authorities in the United States achieved a preliminary agreement to raise the country’s debt limit. This may potentially prevent a default in the world’s biggest economy and oil user. By 23:17 GMT, the price of a barrel of Brent oil had increased by 39 cents, which is equivalent to a gain of 0.5 percent. The price of a barrel of US West Texas Intermediate crude had increased by 45 cents, which is equivalent to a gain of 0.6 percent.

Dollar hits 6-months high against yen

On Monday, the dollar held its ground as economic growth in the United States boosted market expectations for more rate rises from the Federal Reserve. At the same time, news that a deal to extend the debt limit had been finalised generated some risk-on mood, which contributed to the currency’s strength. During early trading in Asia, the value of one US dollar rose to a new six-month high of 140.91 Japanese yen. The markets in the United States and the United Kingdom are both closed on Monday due to a holiday. The value of one euro decreased by 0.13 percent to $1.0719 against the dollar, while one pound decreased by 0.07 percent to $1.2342.

US stock settled higher on Friday

As progress was made in discussions on an increase in the United States government’s debt limit, the main indexes on Wall Street had their highest one-day rise in the last two months on Friday. Yields on government bonds increased as investors reassessed how much longer it was expected that interest rates would continue to grow. In spite of the approaching deadline, Democratic and Republican negotiators continued to have difficulty reaching an agreement to increase the debt limit of the United States government. The Dow Jones Industrial Average increased by 1%, reaching 33,093.34, the S&P 500 gained 1.30%, reaching 4,205.45, and the Nasdaq Composite increased by 2.19%, reaching 12,975.69 in value.

Q4 earnings today

Among the businesses that will disclose their financial results for the March 2023 quarter are Adani Transmission, Indian Railway Catering & Tourism Corporation, NHPC, Torrent Power, Rail Vikas Nigam, The New India Assurance Company, Ipca Laboratories, Natco Pharma, Campus Activewear, ITI, Eureka Forbes, NBCC (India), Soba, La Opala RG, Allcargo Logistics, KNR Constructions, Jubilant Pharmova, Suprajit Engineering,

Stocks in F&O ban

On the first day of the new series, the National Stock Exchange (NSE) has not restricted any stocks for trading on Monday, May 29. This is because the new series has just begun. When a security’s overall position exceeds 95 percent of the market-wide position limit (MWPL), derivative transactions on that security are prohibited. In regard to the aforementioned security’s derivative contracts, it is not possible to open any fresh positions. When the open interest in the stock falls to less than 80 percent of the MWPL across all exchanges, this limitation will be abolished.

FPIs buy shares worth Rs 1,841 crore

On Friday, foreign institutional investors (FIIs) acted as net purchasers of domestic equities to the tune of Rs 1,840.98 crore, according to provisional data made available by the NSE. On the other hand, domestic institutional investors (DIIs) made a net purchase of Indian shares worth Rs 350.15 crore. Since the beginning of May 2023, foreign institutional investors (FIIs) have contributed more than Rs 37,316 crore to the economy, which is the greatest amount contributed in the previous nine months.

Rupee gains 12 paise against dollar

On Friday, the value of the rupee increased against the United States dollar by 12 paise, bringing it up to 82.60. Foreign capital inflows and a positive trend in local equity markets supported this increase. However, according to forex brokers, the increased level of the US dollar in comparison to significant crossings abroad was able to restrain the upward advance in the local unit.

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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