SGX Nifty tanks 148 points: 11 things you should know before the Opening Bell

Domestic stocks may see a gap-down start to Thursday's trade after the US Federal Reserve, while delivering a fourth rate hike of 75 basis points overnight, signalled it was too soon to think about a pause in rate hikes. Asian markets fell sharply. All eyes are on a handful of quarterly results and two IPOs opening for subscription today. Here's what you should know before the Opening Bell: 

Nifty outlook

Analysts said the 50-pack index witnessed selling pressure on Wednesday but the undertone was bullish. The lower-end support for the index stands at the 17,950-17,800 zone which will act as a cushion on the downside, they said.  Once the index breaks above 18,200, it may see witness a sharp short coverings towards 18,500-18,800 levels, they added.

SGX Nifty signals a gap-down start 

Nifty futures on the Singapore Exchange quoted 148 points, or 0.81 per cent, lower at 18,014.50, hinting at a gap-down start for the domestic market on Thursday.
 
Asian markets fall in early trade

Asian markets fell on Thursday after the US Federal Reserve Chair Jerome Powell said it was 'very premature' to think about pausing and that the peak for rates would likely be higher than previously expected. Australia's ASX200 dropped 1.9 per cent; Hong Kong's Hang Seng tanked 1.6 per cent while Korea's Kospi declined 0.7 per cent. Japan markets were closed for the day. 

Wall Street settle lower

Wall Street stocks ended a volatile session lower while after the US Fed Chairman Jerome Powell said it was too soon to speculate over a pause in rate hikes. Dow Jones declined 505.44 points, or 1.55 per cent, to 32,147.76. S&P500 index lost 96.41 points, or 2.50 per cent, to 3,759.69. Nasdaq Composite shed 366.05 points, or 3.36 oer cent, to 10,524.80.

Q2 results today

HDFC, Adani Enterprises, HPCL, Vodafone Idea, Bank of India, Devyani International, Ajanta Pharma, UCO Bank and Ajanta Pharma are among dozen of companies that are scheduled to report their September quarter results later in the day.

Corporate actions today

Dabur India, Coforge, Laurus Labs, Navin Fluorine International, TCI, VIP Industries and Vaibhav Global will go ex-dividend today. Shares of Confidence Futuristic Energetech will go ex-split while Garware Technical Fibres will trade ex-buyback on Thursday.

Stock in F&O ban

Shares of Punjab National Bank and LIC Housing Finance are banned in the F&O segment today. Derivative contracts in a security is 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.

IPO watch: Bikaji Foods, Global Health

The IPOs by Bikaji Foods International and Global Health will open for subscription on November 3. The price band for Bikaji IPO stands at Rs 285-300 per share. The offer is purely an offer for sale (OFS) of 29,373,984 shares. Global Health is offering its shares in a price band of Rs 319 to Rs 336 per share.  Its IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares by the company's shareholders and the promoters.

Fed hikes rate by 75 basis points

The US Fed Reserve hiked interest rate by 75 basis points overnight. While the Fed Chairman Jerome Powell first signalled that the US central Bank could slow the pace of its interest rate hikes as soon as December or February, he later during a Q&A session said it would be premature to think about pausing rate hikes at this stage.

FPIs buy shares worth Rs 2,610 crore

Provisional data available with NSE suggests FPIs were net buyers of domestic stocks to the tune of Rs 2,609.94 crore. Domestic institutional investors (DIIs), on the other hand, were sellers of equities to the tune of Rs 730.14 crore.
 
Rupee falls 19 paise against dollar

The domestic currency fell 19 paise to close at 82.78 against the dollar on Wednesday, tracking a muted trend in domestic stocks ahead of the US Fed’s policy statement. The local unit opened strong at 82.64 and witnessed a high of 82.62 and a low of 82.81.It eventually settled at 82.80 against the greenback, registering a drop of 21 paise over its last close of 82.59.

Also read: Asia shares, Wall Street slip as US Fed flags higher rates for longer

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