SGX Nifty rises 65 points: Elin Electronics listing, Asian markets, oil prices, dollar movement & more

Benchmark indices are likely to open on a positive note on the last trading session of 2022. US stocks settled higher overnight and Asian markets too were up in the early Friday’s trade. All eyes will be on the listing of Elin Electronics. Investors would also be looking forward to the IPO of Sah Polymers that is scheduled to open for bidding today. Here's what you should know before the opening bell:

Nifty outlook

A bullish candle on daily charts and higher bottom formation on intraday charts is indicating further uptrend from the current levels. For the bulls, 18,000 would act as a sacrosanct support zone, said Shrikant Chouhan of Kotak Securities. "On the flip side, below 18,000 traders may prefer to exit out from the trading long positions and below the same the index could slip till 17,900," he said.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange quoted 65 points, or 0.36 per cent, higher at 18,345, hinting at a strong start for the domestic market on Friday.

Asian markets rise up to 1%

Most Asian markets were trading higher during the early trading hours on Friday. Japan's Nikkei added 0.16 per cent, Hang Seng was 1.16 per cent up, Taiwan's key index gained 1.02 per cent, Australia's S&P/ASX 200 rose 0.44 per cent. Meanwhile, China's Shanghai Composite was trading 0.6 per cent higher.

Oil prices edge higher

Oil prices edged up on Friday and were on track to post a second straight annual gain, albeit a meagre one, in a year marked by tight supplies due to the Ukraine conflict, a strong dollar and weak demand from the world's top crude importer China. Brent crude futures climbed 44 cents, or 0.5 per cent, to $83.90 a barrel after settling 1.2 per cent down in the previous session. US West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6 per cent, after closing 0.7 per cent lower on Thursday.

Dollar index steady in early trade

The dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve's aggressive monetary policy tightening and concerns about the global growth outlook, Reuters reported. It last quoted 0.05 per cent lower at 103.93. The yen up 0.3 per cent at 132.63 per dollar, whereas the euro rose 0.01 per cent to $1.0661, but is on track for a more than 6 per cent fall this year.

US stocks settle higher

Wall Street's key indices settled higher on Thursday as investors headed into the final trading days of 2022. The weekly jobless claims data tentatively signalled that the Federal Reserve’s interest-rate hikes might be slowing economic growth and inflation. Dow Jones Industrial Average index rose 345.09 points, or 1.05 per cent, to 33,220.8; S&P500 index lost 66.06 points, or 1.75 per cent, at 3,849.28; and the Nasdaq Composite index dropped 264.8 points, or 2.59 per cent, to 10,478.09.

Elin Electronics to make its market debut today

Shares of Elin Electronics are set for listing at Dalal Street on Friday, December 30. The Rs-475 crore initial public offering (IPO) of Elin Electronics, which was sold in the range of Rs 234-247 apiece, got a little more than three times subscription. The quota for QIBs was subscribed 4.5 times, while the category for retail investors received 2.2 times subscription and non-institutional investors got 3.3 times subscription.

Sah Polymers IPO to open today

Sah Polymers IPO is all set to hit the market today. The Rs 66 crore IPO will be a fresh issue of 10,200,000 shares to be sold in the Rs 61–Rs 65 price band.  Investors can bid for a minimum of  one lot comprising 230 shares and in multiples of 230 shares thereafter. Rishi Techtex, Kanpur Plastipack, Gopala Polyplast, Jumbo Bag, SMVD Polypack, and Commercial Syn Bags are some its listed and unlisted competitors. But they are not directly comparable due to type, range of products and services, turnover and size of the firm.

Stocks in F&O ban

Since it is the beginning of the new series, not shares are banned in the F&O segment today. 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.

DIIs buy shares worth Rs 516 crore

Provisional data available with NSE suggests FPIs were net sellers of domestic stocks to the tune of Rs 572.78 crore on Thursday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 515.83 crore.

Rupee dips 2 paise against dollar

The rupee consolidated in a narrow range and settled 2 paise lower at 82.82 against the US dollar on Thursday. Traders said the domestic unit traded in a narrow range amid softening crude oil prices and weak dollar.

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