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Market Calendar: HCL Tech, Nestle India to report March quarter results today
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 109 points, or 0.64 per cent, higher at 17,255.50, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty50 bulls attempt comeback
Nifty50 on Wednesday snapped a five-day losing streak and closed just above its 50-day moving average after flirting with the 200-day moving average at day’s high. The index formed an Inside Bar pattern on the daily chart. Analysts said the index needs to take out 17,300 level decisively, before seeing any sustained momentum on the upside.
Dollar edges up after pullback
The dollar edged up on Thursday supported by expectations for aggressive Federal Reserve monetary tightening, but was well off the previous day’s peaks amid nervousness about what a gathering of finance ministers might say about its rapid appreciation. The dollar index – which measures the currency against six peers including the yen – ticked up 0.11% to 100.45, following its retreat in the previous session from a more than two-year peak of 101.03.
Oil climbs but takes a breather in tight range
Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts. Brent crude futures rose 55 cents, or 0.5%, to $107.35 a barrel, recouping losses from the previous session. US West Texas Intermediate (WTI) crude futures gained 41 cents, or 0.4%, to 102.60 a barrel, adding to a 19 cent gain in the previous session.
Hong Kong stocks open lower
Hong Kong stocks opened down on Thursday, following two days of losses and mixed results on Wall Street where shares of streaming giant Netflix plummeted on dwindling subscriptions. The Hang Seng Index fell 0.78 percent, or 163.81 points, to 20,780,86.84. The Shanghai Composite Index started 0.40 percent lower, or 12.62 points, at 3,138.43, while the Shenzhen Composite Index on China’s second exchange lost 0.53 percent, or 10.42 points, at 1,975.22.
Japan’s Nikkei index opens higher
Tokyo stocks opened higher Thursday, despite a mixed finish on Wall Street, where a big earnings miss by Netflix prompted a sell-off of the streaming giant’s shares. The benchmark Nikkei 225 index added 0.31 percent, or 83.99 points to 27,301.84, while the broader Topix index edged up 0.19 percent, or 3.70 points, to 1,918.85. The dollar fetched 128.20 yen, against 127.84 yen in New York late Wednesday.
US stocks settled mixed; Netflix plunges on subscriber losses
Wall Street’s major stock indices ended mixed Wednesday after another day of choppy trading, while Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead. The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose 0.7%, having received a bump from IBM, which added 7.1% after reporting quarterly results that beat analysts’ estimates.
Rupee darts up 20 paise to 76.30 against dollar
Snapping its four-day losing streak, the rupee appreciated by 20 paise to settle at 76.30 against the US dollar on Wednesday, tracking a weak greenback overseas and recovery in domestic equities. However, unabated foreign fund outflows capped the gains. At the interbank forex market, the domestic unit opened at 76.41 against the US dollar and touched an intra-day high of 76.16 and a low of 76.52. It finally finished at 76.30, registering a rise of 20 paise over its previous close.
Sensex, Nifty on Wednesday
Benchmark indices bounced back on Wednesday after falling for five straight sessions, with investors snapping up the recently-mauled IT, finance and consumption stocks amid a supportive trend overseas. A rebounding rupee further bolstered sentiment, traders said. Halting its five-session slide, the BSE Sensex jumped 574.35 points or 1.02 per cent to finish at 57,037.50. Similarly, the NSE Nifty surged 177.90 points or 1.05 per cent to 17,136.55.