SGX Nifty down 63 points: Asian markets fall, dollar falls, crude edge higher, FPI flows & more

The domestic stock market is likely to kick off the week on a negative note, as global sentiment remains fragile, with Asian markets trading in the red. US futures, however, were up after UBS agreed to acquire the troubled Swiss-lender Credit Suisse for $3.3 billion. All eyes are now on the US Fed policy review on March 22. Here's what you should know before the opening bell:

Nifty outlook
A Doji candle, followed by a recovery candle on the daily chart, indicates the possibility of a bullish reversal on Nifty. The immediate resistance for Nifty is placed at 17,250. This is where the bears might try to return to the market, said Rupak De, Senior Technical Analyst at LKP Securities.

"However, if the bulls push the Nifty above 17,250, the index may test levels of 17,500–17,600. The support for the index stays intact at 16,950," he said.

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 63 points, or 0.37 per cent, lower at 17,099, hinting at a negative start for the domestic market on Monday.

Asian shares fall in early trade
Asian stocks were trading mostly in the red, even as  US futures rose due to a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.21 per cent. Japan's Nikkei shed 0.39 per cent; Australia's ASX 200 declined 0.41 per cent; New Zealand's DJ shed 0.50 per cent; China's Shanghai added 0.10 per cent; Hong Kong's Hang Seng dropped 0.85 per cent and Seoul's Kospi eased 0.12 per cent.

Oil prices edge higher
Oil prices rose on Monday after suffering their biggest weekly loss in months, as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets. Brent crude futures rose 35 cents, or 0.5 per cent, to $73.32 a barrel after a near 12 per cent loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6 per cent, after a 13 per cent decline last week, its biggest since last April.

Dollar index below 104 level
In foreign exchange trade, the dollar was a little bit softer on most majors. Dollar index eased slightly to 103.5 level. The euro rose 0.1 per cent to $1.0682, whereas Sterling rose 0.3 per cent to $1.2177. The safe-haven yen eased slightly to 132.39 per dollar.

US stocks settle sharply lower
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession. All three indices ended the session deep in negative territory, with financial stocks down the most. The Dow Jones Industrial Average fell 384.57 points, or 1.19 per cent, to 31,861.98, the S&P 500 lost 43.64 points, or 1.10 per cent, to 3,916.64 and the Nasdaq Composite dropped 86.76 points, or 0.74 per cent, to 11,630.51.

Stocks in F&O ban
Two stocks- Indiabulls Housing Finance and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC)- have been retained under F&O ban by National Stock Exchange (NSE) for Monday, March 20. 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 1,767 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 1,766.53 crore on Friday. However, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 1,817.14 crore. Foreign investors have put in Rs 11,500 crore in the Indian equities so far this month, mainly driven by bulk investment from the US-based GQG Partners in the Adani Group companies.

Rupee rises 17 paise against dollar
The rupee reversed its four-day losing streak and rose 17 paise to 82.59 against the US dollar on Friday, tracking positive sentiments in the domestic equity markets. Traders said a weak dollar overseas also supported the domestic unit.

Note: With inputs from PTI, Reuters and other agencies

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