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Nifty today: SGX Nifty down 20 points; here’s what changed for market while you were sleeping

Domestic stocks are likely to open on a tepid note, tracking weakness in other Asian markets. China’s August PMI readings for both manufacturing and services disappointed investors. Demand for safe-haven gold jumped as the dollar hit a two-week low. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS


SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange-traded 23 points, or 0.14 per cent, lower at 16,941.50, signaling that Dalal Street was headed for a negative start on Tuesday.

  • Tech View: Nifty50 on Monday formed a large bullish candle on the daily scale but analysts said a selling pressure near the 17,000 mark cannot be ruled out.
  • India VIX: The fear gauge eased up to a per cent to 13.32 level on Monday over its close at 13.40 on Friday.

Asian stocks fall in early trade
Asian markets opened lower on Tuesday after a mixed close on Wall Street with a dearth of fresh market-moving events and investors shifting their focus to Chinese economic data. MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 0.23 per cent.

  • Japan’s Nikkei shed 0.10%
  • Korea’s Kospi declined 0.22%
  • Australia’s ASX 200 added 0.16%
  • China’s Shanghai slipped 0.19%
  • Hong Kong’s Hang Seng fell 0.44%

S&P500, Nasdaq end at record highs
The S&P500 index and the Nasdaq Composites topped their record closes on Monday, bolstered by technology stocks, as last week’s dovish comments from the Federal Reserve on tapering its monetary stimulus refocused investors’ minds on economic growth.

  • Dow Jones shed 0.16% to 35,399.84
  • S&P 500 added 0.43% to 4,528.79
  • Nasdaq gained 0.90% to 15,265.89.95

Dollar nears two-week low
The dollar hovered near a two-week low against a basket of currencies on Tuesday with trade seen driven by month-end flows as investors looked ahead to US jobs figures later in the week.

  • Dollar index steady at 92.698
  • Euro marginally down to $1.1799
  • Pound edged down to $1.3762
  • Yen held 109.98 per dollar
  • Yuan gained to 6.4648 against the greenback

FPIs buy shares worth Rs 1,203 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 1202.81 crore, data available with NSE suggested. DIIs were also buyers to the tune of Rs 688.85 crore, data suggests.

MONEY MARKETS


Rupee: The rupee surged by 40 paise to close at a more than two-month high of 73.29 against the US dollar on Monday following dovish comments by the US Federal Reserve chairman on interest rates.

10-year bond: India 10-year bond yield tanked 0.46 per cent to 6.253 after trading in 6.22 – 6.26 range.

Call rates: The overnight call money rate weighted average stood at 3.23 per cent on Friday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH

  • IN Infrastructure Output YoY JUL (5 pm)
  • IN Government Budget Value JUL (5 pm)
  • JP Unemployment Rate JUL (5 am)
  • JP Industrial Production MoM Prel JUL (5:20 am)
  • CN NBS Manufacturing PMI AUG (6:30 am)
  • AU Building Permits MoM Prel JUL (7 am)
  • AU Current Account Q2 (7 am)
  • US S&P/Case-Shiller Home Price JUN (6:30 pm)
  • US Chicago PMI AUG (7:15 pm)
  • US House Price Index JUN (6:30 pm)

MACROS:


Sunil Mittal complains about govt levies
Bharti Airtel chairman Sunil Bharti Mittal said promoters don’t like reducing holdings by choice, but the telco’s founders were forced to lower their stake as the company needed capital with its debt surging, stung by a mix of adjusted gross revenue (AGR) dues and the need to be competitive in a cut-throat market.

Banking sector NPAs soar in June
Stressed loans in the Indian financial system jumped at least Rs 4.60 lakh crore during the Covid period, taking the gross stressed loans to 12.6% of the total in June, estimates Nomura Securities. That compares with 8.2% of gross loans as of March 2020.

India may cut flying rights of UAE
The aviation ministry is working on a plan to unilaterally reduce foreign flying rights granted to the United Arab Emirates (UAE), Qatar and Germany to curb so-called sixth freedom traffic. This refers to, for instance, a person flying to New York from India via Dubai or any third country.

New Covid variant C.1.2 may be more infectious
A new variant of SARS-CoV-2, the virus which cause Covid-19, has been detected in South Africa and many other countries globally which could be more transmissible and evade protection provided by vaccines, according to study.

Amazon urges Sebi rescind exchanges’ letters
Amazon has written to India’s market regulator seeking the withdrawal of its conditional approval to the proposed buyout of retail assets of the Future Group by Reliance Industries, as the American online retail giant intensifies its efforts to stall the highly-contested deal.


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