SGX Nifty flat: Asian markets, dollar movement, crude prices, FPI flows & more

Dalal Street is likely to open flat on Wednesday amid lacklustre cues from global cues. Asian markets kicked off the session with decent gains, even as US stocks settled lower overnight. Back home, the expiry of the March series F&O derivatives contracts may lead to heightened volatility. Here's what you should know before the opening bell:

Nifty outlook
Nifty is trading in the 16,910-16,970 range on the hourly chart. This is where the 61.82 per cent and 78.6 per cent Fibonacci retracement levels of the previous rise from 16,828-17,207 are placed, said Jatin Gedia, Technical Research Analyst, Sharekhan.

"The daily and the hourly momentum indicators have a positive crossover which is a buy signal. Thus, both price and momentum indicator suggest positive price action over the next few trading sessions. On the upside, initial Nifty target is placed at 17,200. Above that, the index can extend gains to 17,450-17,500 levels. A crucial support is placed in the 16,910-16,870 range," he said.
 
SGX Nifty signals a flat start
Nifty futures on the Singapore Exchange traded 5 points, or 0.03 per cent, lower at 17,073, hinting at a flat start for the domestic market on Wednesday.

Asian shares opened mostly higher
Most Asian markets were trading higher in Wednesday’s trade. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.86 per cent. Japan's Nikkei rose 0.42 per cent; Australia's ASX 200 added 0.11 per cent; New Zealand's DJ shed 0.68 per cent; China's Shanghai fell 0.05 per cent; Hong Kong's Hang Seng surged 2.56 per cent and Korea's Kospi gained 0.05 per cent.

Oil prices extend gains
Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased. Brent crude futures rose 42 cents, or 0.5 per cent, to $79.07 a barrel at 0046 GMT. West Texas Intermediate US crude climbed 59 cents, or 0.8 per cent, to $73.79 a barrel.

Dollar stays on the back foot
The safe-haven US dollar remained on the back foot on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted. The dollar index was flat in early Asian trading.  The dollar jumped 0.51 per cent to 131.59 yen. The euro was flat at $1.0845 and sterling slipped 0.06 per cent to $1.2334.

Wall Street stocks settle lower
US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run. The Dow Jones Industrial Average fell 37.83 points, or 0.12 per cent, to 32,394.25, the S&P 500 lost 6.26 points, or 0.16 per cent, to 3,971.27 and the Nasdaq Composite dropped 52.76 points, or 0.45 per cent, to 11,716.08.

Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Wednesday, March 29. 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 buy shares worth Rs 1,531 cr
Provisional data available with NSE suggests FPIs turned net buyers of domestic stocks to the tune of Rs 1,531.13 crore on Tuesday. However, domestic institutional investors (DIIs) turned net sellers of equities to the tune of Rs 156.11 crore.

Rupee gains 15 paise against dollar
The rupee appreciated 15 paise to settle at 82.16 against the US dollar on Tuesday supported by a weak American currency in the overseas market and fresh foreign fund inflows. However, a muted trend in domestic equities dented investor sentiments and capped the sharp gains in the rupee, traders said.


Note: With inputs from PTI, Reuters and other agencies

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