SGX Nifty sheds 39 points: Asian markets, dollar movement, crude prices, FPI flows & more

Dalal Street is likely to open lower on Thursday amid concerns over the health of US financial system. Asian markets were trading lower in early trade, even as technology stocks helped US stock indices settle higher overnight. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty on Thursday remained choppy, before closing the session on a negative note. The trend remains weak, as the index failed to move above the near-term moving average, said Rupak De, Senior Technical Analyst at LKP Securities. "The momentum indicator is in bearish crossover. The 16,950 level remains a crucial support. A fall below this level may trigger a significant correction. On the higher end, resistance is seen at 17,200," he said.

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 38.50 points, or 0.23 per cent, lower at 17,045, hinting at a negative start for the domestic market on Friday.

Asian shares rise in early trade
Asian equities were trading lower on Friday after a tech stocks-driven rally on Wall Street failed to ease the malaise hanging over the banking sector. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.08 per cent. Japan's Nikkei shed 0.09 per cent; Australia's ASX 200 dropped 0.30 per cent; New Zealand's DJ declined 0.21 per cent; China's Shanghai fell 0.31 per cent; Hong Kong's Hang Seng jumped 0.23 per cent and Korea’s Kospi slipped 0.61 per cent.

Oil prices extend fall
Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after US Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Brent crude futures slid 48 cents, or 0.6 per cent, to $75.43 a barrel, while US West Texas Intermediate crude futures dropped 52 cents, or 0.7 per cent, to $69.44 a barrel.

Dollar steady after Fed comments
The dollar was steady on Friday near seven-week lows as nervousness over the banking system kept investors skittish and traders absorbed the Federal Reserve's hints of a pause to interest rate hikes. The dollar index fell 0.19 per cent at 102.56. The yen strengthened 0.34 per cent to 130.37 per dollar. The euro was down 0.03 per cent to $1.0827, while Sterling was last trading at $1.2275, down 0.08 per cent on the day.

US stocks settle higher
Wall Street closed higher on Thursday as market participants were reassured by US Treasury Secretary Janet Yellen's reassurances that measures will be taken to keep Americans' deposits safe. All three major US stock indexes reversed an earlier rally. The Dow Jones Industrial Average rose 75.14 points, or 0.23 per cent, to 32,105.25, the S&P 500 gained 11.75 points, or 0.30 per cent, to 3,948.72 and the Nasdaq Composite added 117.44 points, or 1.01 per cent, to 11,787.40.

Stocks in F&O ban
Three stocks- Hindustan Aeronautics, Indiabulls Housing Finance and Biocon- have been retained under F&O ban by National Stock Exchange (NSE) for Friday, March 24. 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 995 cr
After a day's buying, provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 995.01 crore on Thursday. However, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 1,668.85 crore.

Rupee falls 3 paise against dollar
The rupee gained 39 paise to close at 82.20 against the US dollar on Thursday, tracking the weakness of the American currency in the overseas market. Traders said the weak US Dollar and decline in US Treasury yields on the back of dovish Federal Open Market Committee (FOMC) boosted investor sentiment.


Note: With inputs from PTI, Reuters and other agencies

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