The domestic equity market was set to open on a positive note on Tuesday, tracking global cues. US stocks rallied in overnight trade, whereas Asian stocks mostly rose during early hours. However, a spike in crude and escalating Covid-19 worries in China are major concerns. Back home, India Inc earnings and LIC IPO buzz will guide the market. Here's breaking down the pre-market actions:
STATE OF THE MARKETS SGX Nifty signals positive startNifty futures on the Singapore Exchange traded 116 points, or 0.68 per cent, higher at 17,111, signaling that Dalal Street was headed for a positive start on Tuesday.
- Tech View: NSE Nifty formed a bearish candle on daily charts on Monday closing below the psychological level of 17,000. Technical setup suggests the index may travel to as low as 16,600 in near term.
- India VIX: The fear gauge spiked wildly about 16 per cent to 21.26 level on Monday over its close at 18.35 on Friday.
Asian shares mostly open higherMajor Asian stocks opened higher on Tuesday as investors cheered gains on Wall Street while keeping a cautious eye on Chinese shares. Traders remain on edge over China's worsening Covid outbreak and lockdowns. MSCI's index of Asia-Pacific shares outside Japan was up by 0.22 per cent.
- Japan's Nikkei gained 0.37%
- Australia's ASX 200 tanked 2.02%
- South Korea's Kospi jumped 0.53%
- China's Shanghai shed 0.18%
- Hong Kong's Hang Seng added 0.94%
US stocks end with gainsA rebound in technology stocks helped turn things around in the last hour of trading Monday. The S&P 500 is coming off a three-week losing streak amid worries about high inflation and the rapid increase in int...