SGX Nifty rises 17 points: Market outlook, Asian markets, oil prices, FPI flows & more

Domestic stock indices are likely to open on a muted note on Tuesday amid a lack of directional cues from Asian markets. All eyes are on Fed minutes of the recent policy review scheduled for Wednesday. Any cue regarding the extension of the Fed rate hike cycle may weigh on foreign flows to emerging markets such as India. Here's what you should know before the Opening Bell:

Nifty outlook

Nifty has 17,700 as sacrosanct support while the 18,100 level could be an immediate hurdle, said Rohan Patil of SAMCO Securities. A break above 18,100 will lift the index towards 18,250, he said adding that a break below 17,700 will open the gate for 17,450 on the lower side.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 16.50 points, or 0.09 per cent, higher at 17,881.50, hinting at a positive start for the domestic market on Tuesday.

Asian shares mixed in early trade

Asian shares were trading mixed in Tuesday's session ahead of Fed minutes of recent policy review scheduled for Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13 per cent. Japan's Nikkei edged 0.06 per cent lower; Australia's ASX 200 fell 0.33 per cent; New Zealand's DJ declined 0.52 per cent; Hong Kong's Hang Seng fell 0.51 per cent; and Korea’s Kospi rose 0.07 per cent. China's Shanghai Composite index added 0.33 per cent.

Oil prices drop marginally

The Brent crude benchmark opened slightly lower on Tuesday as the US dollar strengthened and traders waited for cues from the US Federal Reserve meeting minutes, after optimism over demand amid tightening supplies drove prices higher on Monday. Brent crude futures were down 59 cents, or 0.5 per cent, at $83.57 a barrel on Tuesday. US WTI March futures were up 78 cents, or 1.02 per cent, at $77.12 at 0146 GMT.

US market to resume trade today

US stocks will resume trade today. Wall Street was closed on Monday on account of Presidents' Day. On Friday, the Dow Jones index advanced 129.84 points, or 0.39 per cent, to 33,826.69. The S&P500 index fell lost 11.32 points, or 0.28 per cent, to 4,079.09. The Nasdaq Composite dropped 68.56 points, or 0.58 per cent, to 11,787.27.

Stocks in F&O ban

No security is banned under F&O ban today. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of the 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 159 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 158.95 crore on Monday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 86.23 crore.

Rupee rises 9 paise against dollar

The rupee appreciated by 9 paise to close at 82.73 against the US dollar on Monday, as the American currency retreated from its six week high levels in the global markets. Forex traders said a muted trend in domestic equities and foreign fund outflows weighed on investor sentiments and restricted the appreciation bias

 

Note: With inputs from PTI, Reuters and other agencies
 

Also read: Mutual funds cut stakes in Adani Enterprises, Adani Green, 3 other Adani group stocks in January. Full details

Also read: Down up to 71% since Hindenburg report: Which beaten-down Adani stock to buy post Q3 results