NEW DELHI: Reports of fresh trade talks between the US and China next week, a major bounce in US stocks in overnight trade and a drop in crude oil prices pushed Asian shares higher in morning trade.
Can the domestic indices snap their three-day losing streak? Let us check out what may move market all through Wednesday:
SGX hints at flat start
Nifty futures on Singapore Exchange were trading 5.50 points higher at 11,600, indicating a flat-to-positive start for Dalal Street.
Asia stocks track gains in US stocks
Equity markets in Asia rose morning after upbeat earnings helped the Nasdaq and S&P500 indices reach record closing highs on Wall Street overnight, while oil retreated from its near six-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia.
Tech view: Nifty forms small bearish candle
Nifty50 faced resistance around the 11,650 level on Tuesday, as it ended up forming a Small Bearish Candle on the daily chart. During the session, the index respected its crucial support at 11,550, a level the index has found support at multiple times in last four weeks. Any violation of this support zone will trigger a downside breakdown towards the 11,500 and 11,470 levels.
Oil prices edge lower
Oil prices inched lower on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran. Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 per cent, from their last close.
S&P500 e-mini nears record highs
On Wednesday morning, S&P500 e-mini stock futures were up 0.03 per cent at 2,938.75, just short of a record high of 2,944.75 on October 3, Reuters reported. In overnight trade, the Dow Jones Industrial Average rose 0.52 per cent to 26,647.97, the S&P500 index gained 0.91 per cent to 2,934.31 and the Nasdaq Composite added 1.35 per cent to 8,123.25.
Market-wide rollovers at 42%
The market-wide rollovers stood at 42 per cent till Tuesday, which was lower than 49 per cent, the average rollovers seen in the last three series. Nifty futures rollover stood at 40 per cent, which were a tad below the average rollovers of 41 per cent seen in the last three series.
FPIs sell Rs 237 crore worth of equities
Foreign portfolio investors (FPIs) sold Rs 237.47 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 198.35 crore, data suggested.
UltraTech, IB Housing to report Q4 results
UltraTech Cement, Indiabulls Housing Finance, Hexaware, ICICI Prudential Life Insurance, Bharti Infratel, M&M Financial, MuthootNSE -0.17 % Capital, are a few companies which are scheduled to report their March quarter results today.
Rupee up: The rupee Tuesday recovered from the day’s lows to close higher by 5 paise at 69.62 against the US dollar on some dollar selling by banks and exporters.
10-yr bond yields: India 10-year bonds remained unchanged at 7.47% on Tuesday, from 7.47% in the previous session, according to RBI data.
Call rate: The overnight call money rate weighted average was 6.15% on Tuesday, according to RBI data. It moved in a range of 4.50-6.35%. The money market was closed on Wednesday.
‘Government will preserve slots for Jet Airways; we need one good investor’
US to ensure steady oil supply for India
The US decision not to extend waivers from sanctions on purchases of Iran’s oil is not intended to hurt India and Washington is working towards stabilising the global energy markets and maintaining steady oil supplies to friends and partners. ET reports that US expects India to adhere to the request to halt Iranian oil imports in the backdrop of US efforts to crack down on terror infrastructure in Pakistan.
RBI’s second swap auction a grand success
RBI on Tuesday conducted its second successful dollar swap auction of $5 billion, receiving bids worth $18.65 billion, or more than three times what was on offer. The cut-off premium, the threshold for banks to receive any allotment, was pegged at 838 paise, up from 776 in the first auction. This is also higher than the equivalent market rate. With these two auctions, the banking system will have cash injection of nearly Rs 60,000 crore.
Taxman can seek interest on GST liability
The Telangana High Court has rejected a writ petition challenging the imposition of interest on total GST liability including input tax credit, a ruling that has significant implications for industry. This means that tax authorities can levy interest on the gross tax liability of an assessee if there is any delay in tax payment.
US trade talks in China next week
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for trade talks beginning on April 30, the White House said in a statement on Tuesday. It said Chinese Vice Premier Liu He, who will lead the Beijing talks for China, will also travel to Washington for more discussions starting on May 8.
Cos may get more time to meet new disclosure norms
The deadline for new disclosure norms that require companies to upload pictures of their registered premises and at least one director may be extended, likely giving temporary relief to startups. The last date for companies to submit INC 22 form, which ensures compliance with these norms, is April 25.