SGX Nifty down 100 points; here's what changed for market while you were sleeping

3 weeks ago 30

Synopsis

Asian stocks opened mostly lower after the yen trended lower, offering tailwind to exporters, while investors eyed rising US yields. Markets followed a strong run-up the day before, with traders awaiting the release of key US and Chinese inflation data later in the week. MSCI's index of Asia-Pacific shares outside Japan was down by 0.94 per cent.

APIndia 10-year bond jumped about 0.60 per cent to 7.50 after trading in 7.49 - 7.51 range on Monday.

The Indian equity market was set for another negative start ahead as RBI's monetary policy members continued to discuss ways to tame inflation on Day 2. Weakness in Asian markets also dented sentiments. However, US stocks posted mild gains in overnight trade. Firm dollar and rising crude weigh on sentiments for EMs like India. Here's breaking down the pre-market actions:

STATE OF THE MARKETS SGX Nifty signals negative startNifty futures on the Singapore Exchange traded 103.5 points, or 0.62 per cent, lower at 16,468.50, signaling that Dalal Street was headed for a negative start on Tuesday.

  • Tech View: Nifty50 on Friday erased intraday gains to end lower, forming a long bearish candle on the daily chart. On the weekly scale, it formed a small bullish candle with a long upper wick, suggesting selling pressure at higher levels. Analysts see support at 16,400 while they see resistance at 17,000 level.
  • India VIX: The fear gauge gained more than a per cent to 20.20 level on Monday over its close at 19.98 on Friday.

Asian shares trade mostly lowerAsian...

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