SGX Nifty up 165 points; here’s what changed for market while you were sleeping

The domestic equity market was set for a gap-up opening on Friday, tracking positive cues from global peers. US stocks settled sharply higher, whereas Asian stocks posted decent gains in early hours. Dollar dropped, whereas crude steadied, which is a plus for EMs. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 165 points, or 0.99 per cent, higher at 16,775, signaling that Dalal Street was headed for a positive start on Friday.

  • Tech View: Nifty50 on Thursday closed above the 16,600 level, forming a bullish candle on the daily chart. Analysts said it may face some resistance around its 200-day EMA, which is placed near the 16,750 zone while they continue to see the 16,400 level to act as an immediate support zone.
  • India VIX: The fear gauge dropped about 3 per cent to 20.32 level on Thursday over its close at 20.84 on Wednesday.

Asian shares trade higher
Asian stocks opened higher on Friday, extending rallies on Wall Street ahead of US jobs data due later in the day. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.51 per cent.

  • Japan’s Nikkei gained 0.81%
  • Australia’s ASX 200 rallied 0.68%
  • New Zealand’s DJ jumped 0.74%
  • South Korea’s Kospi added 0.16%

US stocks settle higher
Wall Street rebounded on Thursday as shares of megacap stocks like Tesla, Nvidia, Meta Platforms and Netflix jumped after Federal Reserve policymakers indicated they will not desist in the fight to tame inflation.

  • Dow Jones gained 1.33% to 33,248.28
  • S&P 500 jumped 1.84% to 4,176.82
  • Nasdaq zoomed 2.69% to 12,316.90

Dollar wavers ahead of US job data
The dollar wobbled toward its first steady week in three on Friday as traders looked to US jobs data later in the day for clues as to how far and fast the Federal Reserve might raise interest rates.

  • Dollar index dropped to 101.660
  • Euro was moved up to $1.0750
  • Pound held gains at $1.2580
  • Yen steadied at 129.80 per dollar
  • Yuan exchanged hands at 6.6170 against the greenback

Oil prices steady
Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia.

US West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at 0112 GMT, while Brent crude futures were up 7 cents at $117.68 a barrel.

FIIs sell shares worth Rs 452 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 451.82 crore, data available with NSE suggested. DIIs remained net buyers to the tune of Rs 130.63 crore, data suggests.

Stocks in F&O ban today
No stocks are under the F&O ban for Friday, June 3. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

Aether Industries’ listing
The speciality chemical firm, Aether Industries, will make its debut at the bourses on Friday. The company raised Rs 808.04 crore via its initial stake sale, selling its shares in the price range of Rs 610-642 apiece between May 24-26. The issue was overall subscribed 6.26 times during the bidding process.

MONEY MARKETS

Rupee: The rupee depreciated by 10 paise to close at 77.60 against the US dollar on Thursday, even as oil prices eased and domestic equities settled on a positive note.

10-year bonds: India 10-year bond jumped about 0.27 per cent to 7.43 after trading in 7.40 – 7.45 range on Thursday.

Call rates: The overnight call money rate weighted average stood at 4.13 per cent on Thursday, according to RBI data. It moved in a range of 2.35-4.50 per cent.

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