Domestic stocks are expected to start declining, following a sell-off in Asian markets amid concerns over a new, little-known variant of Covid with multiple mutations. Investors fear a flight to safe-haven stocks and the sale of riskier assets, which could only increase equity outflows from emerging markets like India. Here is the detail of the actions prior to marketing:

STATE OF THE MARKETS


SGX Nifty signals a weak start
Shrewd futures on the Singapore Stock Exchange traded 110 points, or 0.63%, down to 17,467.50, signaling that Dalal Street was heading for a weak start on Friday.

  • Technical view: On Thursday, Nifty50 recovered 17,500 and in the process formed a small bullish candle on the daily chart. The index may face an immediate hurdle at 17,600, analysts said, who believe immediate support is placed at the 17,350 level.
  • India VIX: The fear gauge fell 2.62 percent to 16.66 Thursday from its close at 17.10 Wednesday.

Asian stocks drop amid Covid concerns
Asian markets saw a selloff in trading on Friday following the discovery of a new variant of the virus that has several mutations and has fueled fears that it could spread globally. The MSCI Asia-Pacific ex-Japan equity index fell 1.24%.

  • The Japanese Nikkei beat 2.52%
  • South Korean Kospi fell 1.01%
  • Australia’s ASX 200 lost 1.38%
  • Chinese Shanghai loses 0.33%
  • Hong Kong’s Hang Seng fell 1.99%

S & P500 futures drop 0.4% in morning trading
S & P500 futures fell 0.6% while Dow Jones futures fell 0.7%. American markets were closed for the Thanksgiving holiday. They reopen on Friday for a shortened trading session.

Yen rallies to buy safe havens, rand collapses
The safe haven yen rallied and the South African rand fell on Friday as investors became cautious after Britain sounded the alarm over a newly identified coronavirus variant spreading through the African nation . The dollar index – which measures the greenback against six peers, including the yen, euro and pound sterling – fell further away from Wednesday’s 96.938 – its highest level in nearly 17 months.

  • The dollar index stands at 96.715
  • The euro edged up to $ 1.12185
  • The pound slipped to $ 1.3305.
  • The yen climbs to 114.68 per dollar
  • Yuan at 6.390 against the greenback

Oil slips amid fears of growing surplus
Oil prices fell more than 1% on Friday amid concerns that a global excess supply could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States. . Brent crude futures extended declines for a third session, falling 96 cents, or 1.2%, to $ 81.26 a barrel. U.S. WTI crude fell $ 1.35, or 1.7%, to $ 77.04 a barrel.

REITs sell shares worth Rs 2,301 crore
Net-net, foreign portfolio investors (REITs) turned sellers of domestic stocks to the tune of Rs 2,300.65 crore, according to data available from NSE. The DII were net buyers to the tune of Rs 1,367.8 crore, the data suggests.

MONETARY MARKETS

Rupee: The rupee fell 12 paise to close at 74.52 against the US dollar on Thursday amid month-end dollar demand and foreign funds outflows into the equity and debt markets.

10-year bond: The 10-year Indian bond was held stable at 6.367 after trading in a range of 6.366 to 6.376 on Thursday.

Call rates: The weighted average overnight call rate stood at 3.27%, according to RBI data. It has evolved in a range of 2.00 to 3.55%.


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