Stock Market News: Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 17 points
The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 17 points.
The benchmark indices had a gap-up opening on Tuesday. The BSE Sensex rose 379 points to 59,842, while the Nifty50 climbed 127 points to 17,825 and formed the Doji kind of candlestick pattern on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,780, followed by 17,734. If the index moves up, the key resistance levels to watch out for are 17,855 and 17,884.
The Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq.
The Dow Jones Industrial Average rose 239.57 points, or 0.71 percent, to 34,152.01, the S&P 500 gained 8.06 points, or 0.19 percent, to 4,305.2 and the Nasdaq Composite dropped 25.50 points, or 0.19 percent, to 13,102.55.
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Asian Markets
Japan stocks surged following better-than-expected export figures, ahead of other economic data from Australia, Singapore and New Zealand. Japan’s निक्की
225 increased 0.76 percent, while the Topix index added 0.83 percent after the country reported better-than-expected exports growth for July compared to a year ago. Elsewhere, the Kospi is also up 0.33 percent, while the S&P/ASX 200 in Australia rose 0.03 percent.
SGX Nifty
Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 17 points. The Nifty futures were trading around 17,873 levels on the Singaporean exchange.
US manufacturing production accelerates in July
Production at US factories increased more than expected in July as output rose at motor vehicle plants and elsewhere, pointing to underlying strength in manufacturing despite ebbing business confidence.
Manufacturing output rebounded 0.7 percent last month after declining 0.4 percent in June, the Federal Reserve said on Tuesday. Economists polled by Reuters had forecast factory production would rise 0.2 percent. Output increased 3.2 percent compared to July 2021.
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,376.84 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 136.24 crore on August 16, as per provisional data available on the NSE.
Oil falls on economic data
Oil prices fell over 1 percent on Tuesday in volatile trading as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.
Brent crude futures ended the day 2.9 percent lower at $92.34 per barrel, after hitting a session high of $95.95. West Texas Intermediate crude ended the day 3.2 percent lower at $86.53 per barrel.
Gold eases as dollar holds ground
Gold edged lower on Tuesday as the dollar held close to a near three-week high, while investors awaited direction on interest rate hikes from minutes of the US Federal Reserve’s last meeting.
Spot gold fell 0.2 percent to $1,774.79 per ounce, after a more than 1% decline on Monday. US gold futures settled down 0.5 percent at $1,789.7.
Japan August manufacturers’ mood rises to 7-month high
Japanese manufacturers’ business confidence improved in August after last month’s stall, while service-sector firms’ mood rose for a second month to the highest point in nearly three years, the Reuters Tankan poll showed.
Manufacturers expected a slight improvement in the next three months, and service companies’ outlook index was flat in the August 2-12 poll, which tracks the Bank of Japan’s (BOJ) closely followed “tankan” quarterly survey.
“Economic reopening is under way and consumption appears to be picking up, although we’re not without the risk that more and more price hikes could chill consumers,” said a food manufacturing firm manager in the poll of 495 big and mid-sized companies, of which 256 responded.
US Treasury yields rise as recession worries persist
Global equity markets were flat while US Treasury yields rose on Tuesday, as recession worries persisted amid concern the Federal Reserve will continue its steep interest rate hikes despite nascent signs of a slowdown in inflation.
The yield curve between two- and 10-year Treasury notes , viewed as an indicator of impending recession, remained inverted at minus 40 basis points on Tuesday.
Stocks under F&O ban on NSE
Three stocks – Balrampur Chini Mills, Delta Corp and Tata Chemicals – are under the NSE F&O ban list for August 17. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
