STATE OF THE MARKETS
SGX Nifty signals a negative start
Slick futures on the Singapore Stock Exchange traded 83 points, or 0.47 percent, lower at 17,712, suggesting Dalal Street was heading for a negative start on Wednesday.
- Tech View: The index formed a small body candle on the daily charts ahead of the Federal Reserve result. Indian markets will react Thursday morning. Although buying interest has been seen from lows, the lack of follow-up activity in higher zones is observed.
- India VIX: The fear meter rose almost 3 percent on Wednesday to 19.32 after closing at 18.80 on Tuesday.
Asian stocks plunge on open
Asian stocks rallied on the open Thursday morning after another big rate hike by the US Federal Reserve and a warning more were to come. The MSCI index of Asia Pacific equities outside Japan was down 1.40 percent.
- Japan’s Nikkei fell 0.94%
- Australia’s ASX 200 fell 1.34%
- New Zealand’s DJ gained 0.20%
- South Korea’s Kospi plunged 1.38%
- China’s Shanghai fell 0.18%
- Hong Kong’s Hang Seng fell 1.84%
Wall Street plummets
US stocks rose then fell sharply, while Treasury yields rose and fell on Wednesday as markets reacted wildly to a gloomy economic picture for next year after the Federal Reserve maintained a tough stance on fighting inflation by raising interest rates .
- The Dow Jones was down 1.70% to 30,183.78
- The S&P 500 fell 1.71% to 3,789.93
- Nasdaq fell 1.79% to 11,220.19
Dollar drives to new 20-year highs
The US dollar rose to a fresh two-decade high against key rivals on Thursday, buoyed by the Federal Reserve’s dovish interest rate outlook and Russian President Vladimir Putin’s mobilization of more troops for the war in Ukraine.
- The dollar index rose to 111.65
- The euro fell to $0.9807
- The pound slipped to a 37-year low of $1.1225
- The yen struggled at 144.44 per dollar
- Yuan exchanged hands with the greenback at 7.0924
Oil prices are slipping
Oil prices slipped Thursday in early Asian trade after the US Federal Reserve raised interest rates sharply to curb inflation, with fears for the global economy casting a shadow over future fuel demand.
Brent crude futures were down 16 cents, or 0.2 percent, at $89.67 a barrel through 0013 GMT, while US West Texas Intermediate (WTI) crude was down 15 cents at $82.79 a barrel.
FIIs are selling shares worth Rs 461 cr
Net-net, Foreign Portfolio Investors (FPIs) approached sellers of Rs 461.04 crore of domestic shares, data available at NSE suggests. However, data suggests that DIIs became net buyers of Rs 538.53 crore.
Stocks in F&O ban today
Six shares –
, , , Escort Kubota, PVR and – are under F&O ban for Thursday. September 22nd. Restricted securities in the F&O segment include companies where the security has exceeded 95 percent of the market-wide position limit.
The US Federal Reserve raises interest rates by 75 basis points
The US Federal Reserve approved a 0.75 percent interest rate hike for the third time in an aggressive move to fight inflation that has been battering the US economy.
The hike brings the central bank’s benchmark interest rate to a new target range of 3 percent to 3.25 percent, which is the highest policy rate since the global financial crisis in 2008.
Rupee: The rupee fell 22 paises to close at 79.96 against the US dollar on Wednesday, reflecting the US currency’s strength in overseas markets and a muted trend in domestic stocks.
10-year bonds: 10-year Indian bonds fell sharply, down 0.84 percent to 7.23 after trading in a 7.23-7.24 range on Wednesday.
Call charges: The weighted average overnight rate was 5.47 percent on Tuesday, according to RBI data. It ranged from 4.00 to 5.80 percent.
https://economictimes.indiatimes.com/markets/stocks/news/sgx-nifty-down-80-points-heres-what-changed-for-market-while-you-were-sleeping/articleshow/94362670.cms Nifty today: SGX Nifty down 80 points; here’s what changed for market while you were sleeping