What changed your markets while you were sleeping
NEW DELHI: Looks like, after a three-day rally, Dalal Street is going to take a breather today and consolidate a bit. The technicals do hint at that as do Nifty futures trading on Singapore Exchange. Lacklustre trade in global markets, too, are hinting at the possibility of some consolidation.
Let's take a look at what might matter on Dalal Street today:
Expect a negative start to Nifty
Nifty futures on the Singapore Exchange were trading 66 points or 0.61 per cent at 10,760 around 8.05 am, indicating a negative start for Nifty50 back home.
Tech View: Nifty forms small bearish candle
Nifty50 index extended its gains to the third consecutive day, as it added 53.95 points on Thursday to close above the 200-day moving average at 10,791. The index opened the day at 10,810 against the previous close of 10,737 and hit an intraday high and low of 10,838 and 10749, respectively. In the process, it formed a small bearish candle on the daily chart, showing signs that the strong run may be losing steam.
Asian shares wobbly
Asian shares were on the defensive on Friday as investors kept a wary eye on economic tensions between Washington and Beijing while the euro was steady after the European Central Bank halted new bond purchases as expected. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3 percent while Japan's Nikkei dropped 0.4 percent.
Wall Street ends flat
The Dow Jones Industrial Average rose 70.11 points, or 0.29 percent, to 24,597.38, the S&P 500 lost 0.53 point, or 0.02 percent, to 2,650.54 and the Nasdaq Composite dropped 27.98 points, or 0.39 percent, to 7,070.33.
Oil prices dip
Oil prices eased on Friday after rising over 2 percent the day before, but were supported by hopes the market will tighten more quickly than some had expected in the wake of supply cuts from major producers. US West Texas Intermediate (WTI) crude futures were at $52.42 per barrel at 0118 GMT, down 0.3 percent from their last settlement.
CP rollovers hint at improving liquidity
Liquidity in the broader financial system is improving, with about four-fifths of the outstanding commercial papers (CP) totalling Rs 1.6 lakh crores securing funds during rollovers. One segment still facing liquidity constraints is housing development, where risk aversion is pretty high.
Soya, mustard, chana rise
Soyabean, mustard and chana prices have shot up marginally in the spot market following election results in the growing states of Madhya Pradesh, Rajasthan and Chhattisgarh on expectations that the new government will raise MSP for these commodities.
Yes Bank panel defers selection of new MD & CEO
Shares of Yes Bank fell 6.48% on Thursday, as the lenders nomination and remuneration committee postponed the selection of its managing director and chief executive to the next board meeting on January 9. The committee and board on Thursday finalised the recommendation for the position of nonexecutive part-time chairman and shall be promptly seeking the requisite approvals from the Reserve Bank of India, the bank said in a statement.
FIIs buy stocks, DIIs sell
Foreign institutional investors were net buyers on Thursday and bought equities worth Rs 675.14 crore while domestic institutional investors sold stocks worth Rs 51.86 crore, according to data available on NSE.