Stock Market News: Trends in the SGX Nifty indicate a positive opening for the broader index in India supported by a sharp spike in US stocks and upbeat trading in Asian markets
The market is expected to open in the green today as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 51 points.
As per the pivot charts, the Nifty has support at 17,729 followed by 17,691 and then 17,630. If the index moves up, the key resistance levels to watch out for would be 17,852 followed by 17,890 and 17,951.
US Markets
Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve’s future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.
The S&P 500 climbed 1.15 percent to end the session at 4,137.32 points. The Nasdaq gained 1.48 percent to 11,891.79 points, while the Dow Jones Industrial Average rose 1.11 percent to 34,246.13 points.
Asian Markets
Asia-Pacific shares are to trade higher as investors await the release of the US consumer price index report, which will shape the Federal Reserve’s path ahead.
In Australia, the S&P/ASX 200 rose 0.52 percent in its first hour of trade. The Nikkei 225 rose 0.86 percent and the Topix climbed 0.9 percent. South Korea’s Kospi started the day 1 percent higher, while the Kosdaq also gained 0.78 percent.
SGX Nifty
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 51 points. The Nifty futures were trading around 17,840 levels on the Singaporean exchange.
Retail inflation surges to 6.52% in January from 5.72% in December
India’s headline retail inflation rate jumped to a three-month high of 6.52 percent in January from December’s one-year low of 5.72 percent, data released on February 13 by the Ministry of Statistics and Programme Implementation showed.
At 6.52 percent, the latest Consumer Price Index (CPI) inflation print is significantly above the consensus estimate. As per a Moneycontrol poll of 17 economists, inflation was seen rising to 6.1 percent in January.
Retail inflation has returned to 6 percent-plus territory after a two-month break. As for the medium-term target of 4 percent, CPI inflation has now been above it for 40 months in a row. Within food, the greatest increase in prices on a month-on-month basis was seen in cereals, eggs, and spices. Also on the rise were prices of meat, fish and milk.
Oil edges higher as market weighs Russian supply cuts amid demand fears
Oil prices edged higher on Monday, rebounding from early losses, as investors weighed Russia’s plans to cut crude production and short-term demand concerns ahead of US inflation data this week.
Brent futures for April delivery rose 22 cents, or 0.3 percent, to $86.61 a barrel, while US crude rose 42 cents, or 0.5 percent, to $80.14 per barrel gain.
SEBI probing Hindenburg Research allegations on Adani, SC told
India’s markets regulator on Monday told the country’s top court it was looking into the allegations made against the Adani Group by U.S.-based short-seller Hindenburg Research in a critical report, a court filing seen by Reuters showed.
The Securities and Exchange Board of India (SEBI) also said it was looking into the market activity immediately before and after Hindenburg published its report on Jan. 24, the filing said.
Results on February 14
Adani Enterprises, Eicher Motors, Grasim Industries, ONGC, Apollo Hospitals Enterprises, Aster DM Healthcare, Bata India, Bharat Forge, Biocon, Bosch, CESC, GMR Airports Infrastructure, Indiabulls Housing Finance, Ipca Laboratories, NBCC (India), NMDC, PI Industries, PNC Infratech, Prestige Estates Projects, Radico Khaitan, Siemens, Spencers Retail, SpiceJet, Swan Energy, and Torrent Power will be in focus ahead of quarterly earnings on February 14.
FII and DII data
Foreign institutional investors (FII) bought shares worth Rs 1,322.39 crore, while domestic institutional investors (DII) purchased shares worth Rs 521.69 crore on February 13, NSE’s provisional data showed.
Japan averts recession but Q4 GDP rebound much weaker than expected
Japan’s economy averted recession but rebounded much less than expected in October-December as business investment slumped, a sign of the challenge the central bank faces in phasing out its massive stimulus programme.
While private consumption is holding up against headwinds from rising living costs, uncertainties over the global economic outlook will weigh on Japan’s delayed recovery from the scars of the COVID-19 pandemic, analysts say.
The world’s third-largest economy expanded an annualised 0.6 percent in the final quarter of last year after slumping a revised 1 percent in July-September, government data showed on Tuesday. The increase in gross domestic product (GDP) was much smaller than a median market forecast for a 2 percent rise, due to a downswing in capital expenditure and inventory.
Stocks under F&O ban on NSE
The National Stock Exchange has added BHEL and Punjab National Bank, and retained Ambuja Cements and Indiabulls Housing Finance on its F&O ban list for February 14. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies