Nifty today: SGX Nifty up 290 points; here’s what changed for the market while you slept

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Nifty today: SGX Nifty up 290 points; here’s what changed for the market while you slept

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The first US Fed interest rate hike since 2018, suggesting six more rate hikes in 2022, projecting US inflation to 4.3%, far above its 2% comfort level, and the cutting growth forecasts for the world’s largest economy to 2.8 percent is worrying. But it appears the global market is recovering from the fact that there have been no anticipations of rate hikes. Hopes for resolution in peace talks between Russia and Ukraine are also supporting markets globally. Here is the breakdown of the pre-market shares:

STATE OF THE MARKETS


SGX Nifty reports a gap start
Nifty futures on the Singapore exchange traded 287 points, or 1.69% higher at 17,294, signaling that Dalal Street was headed for a gap-up start on Thursday.

  • Technical view: Close to the 200-day SMA, Nifty50 points to 17,000 on Wednesday Nifty50 made strong gains and closed close to the day’s high, close to its 200-day moving average. The index formed a bullish candle on the daily chart and created a higher high-low formation. Analysts said eliminating the 17,000 level is a must for any further upside.

Asian stocks rise early in trading
Japan and Hong Kong led a jump in regional stocks Thursday, joining a rally on Wall Street overnight as the potential risks from the Federal Reserve’s tightening monetary policy to the war in Ukraine and the slowdown in China became less obscure. The MSCI index of Asia Pacific equities outside of Japan rose 2.49%.

  • Japan’s Nikkei jumped 2.96%
  • South Korea’s Kospi gained 1.76%
  • Australia’s ASX 200 added 1.39%
  • China’s Shanghai rose 1.20%.
  • Hong Kong Hang Seng rose 4.34%

US equities stabilized sharply on the upside
US equities shrugged off the afternoon stumbling block and closed higher on Wall Street Wednesday after the Federal Reserve announced its first interest rate hike since 2018.

  • The S & P500 was up 2.2% to 4,357.86
  • The Dow Jones was up 1.5% to 34,063.10
  • The Nasdaq gained 3.8% to 13,436.55

The US Fed raises the interest rate by 25 basis points
The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s by raising the benchmark short-term interest rate and signaling up to six further rate hikes this year. Central bank policy makers predict inflation will remain high, ending 2022 at 4.3%, well above the Fed’s annual target of 2%. Officials expect economic growth of 2.8%, down from December’s 4% estimate.

Oil prices rise in early trading
Crude oil surged Thursday after the International Energy Agency (IEA) said a drop in oil demand due to higher prices would not compensate for the shutdown of Russian oil supplies, but not enough to offset falls in oil prices. previous day. Brent crude futures were up about 66 cents, or 0.67%, to $ 98.68 a barrel, from a recent high of $ 129.30. US WTI crude oil rose 84 cents, or 0.86%, to $ 95.86 a barrel, versus an early month high of $ 124.58.

DII buys shares worth Rs 773 crore
Net-net, foreign portfolio investors (FPIs) have been buyers of domestic shares in the amount of Rs 311.99 crore, available data with NSE have suggested. DII were net buyers for Rs 772.55 crore, the data suggests.

SOLAR MARKETS

Rupee: The rupee rose 41 paise on Wednesday to close at a nearly two-week high against the US dollar, following positive national equities and Asian currencies ahead of the US Federal Reserve’s decision to hike interest rates.

10 year bond: The Indian 10-year bond fell 0.03% to 6.788 after trading in the 6.788-6.832 range on the day.

Call rates: The weighted average overnight call money rate stood at 3.24%, according to RBI data. It moved in a range of 2.20-3.45 percent.

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