Domestic stock indices are likely to open lower for yet another session on Wednesday, as investors may react to the GDP data showing 4.4 per cent growth for the economy in the December quarter. Global cues were largely mixed, with US stocks settling lower overnight but Asian stocks trading mostly higher. Here's what you should know before the opening bell: Nifty outlook
The bears on Tuesday managed to drag Nifty below the line of polarity, the 200-day moving average, on a closing basis. The sentiment looks negative, as the index sustains below the crucial long-term average, said Rupak De, Senior Technical Analyst at LKP Securities. "A further decline towards 17,150–17,100 appears imminent, as bulls appear to be in no hurry to support Indian equities. On the higher end, immediate resistance is visible at 17400, above which the current trend may reverse," he said. SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange quoted 33.5 points, or 0.19 per cent, lower up at 17,365.50, hinting at a negative start for the domestic market on Wednesday. Asian shares mostly higher
Asian stocks opened higher, but struggled to recover much from two-month lows, as markets waited on economic data to chart the course ahead. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.71 per cent. Japan's Nikkei shed 0.08 per cent; Australia's ASX 200 added 0.06 per cent; New Zealand's DJ tanked 0.31 per cent; China's Shanghai rose 0.41 per cent; Hong Kong's Hang Seng surged 2.03 per cent; and Seoul's Kospi jumped 0.42 per cent.
Dollar on a strong footing
The dollar began the month on a strong footing, as a higher-for-longer US rates scenario took center stage, while the Aussie slid after a raft of economic data pointed to a slowing economy and signs that inflation might be past its peak. Against a basket of currencies, the US dollar index was 0.09 per cent higher at 105.07. The euro slipped 0.08 per cent to $1.0567, whereas Sterling fell 0.02 per cent to $1.2015. The dollar rose 0.12 per cent against the Japanese yen to 136.38. US stocks settle lower
US stocks closed out February in subdued fashion and each of the three major indices ended with monthly declines, as investors continue to assess whether interest rates will remain high for an extended period of time. The Dow Jones Industrial Average fell 232.39 points, or 0.71 per cent, to 32,656.7, the S&P 500 lost 12.09 points, or 0.30 per cent, to 3,970.15 and the Nasdaq Composite dropped 11.44 points, or 0.1 per cent, to 11,455.54. Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Wednesday, March 1. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges. FPIs sell shares worth Rs 4,559 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 4,559.21 on Tuesday. Similarly, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 4,609.87 crore. Rupee gains 21 paise against dollar
The rupee appreciated by 21 paise to close at 82.58 against the US dollar on Tuesday as suspected RBI intervention bolstered the sentiment amid continued FII outflows and firm crude oil prices. Forex traders said the central bank's intervention and lower commodity prices supported the local unit.(With inputs from PTI, Reuters and other agencies)
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