Changes in the market as an increase of 35 points is observed in SGX Nifty.
After a good end to the 23rd fiscal year, global trends and political action from the RBI will determine the market's action in the coming week. The central bank is expected to opt for a 25 basis point rate hike in line with rate hikes by major central banks globally. The market will also react to monthly auto sales figures to be released later in the week.
"As the US market awaited the release of personal consumption spending data, considered an important indicator for forecasting future actions by the Federal Reserve, economists and Domestic investors are waiting for the RBI MPC meeting scheduled for next week," said Vinod Nair, Head of Research at Geojit Financial Services. Options data shows a wider trading range between the 16900 and 17700 zones while the immediate trading range is between the 17100 and 17550 zones.
Here are breakdowns of pre-market movements:
CONDITION OF THE MARKETS
SGX Nifty marks positive start Nifty futures traded up 36 points or 0.21 percper cent17,453.50 on the Singapore Stock Exchange, suggesting that Dalal Street is headed for a positive start on Monday.
Tech View: The recent trend of Nifty has risen sharply. After Nifty cleared the barrier, the across-the-board optimistic chart tradition demonstrates the next upward move for Nifty around the 17800 level in the next few weeks. Immediate support is available at 17250.
India VIX: India VIX, which is a standard of apprehension in the markets, fell 5.10% to come to terms at 12.93 levels.
US stocks bounce
Wall Street was up more than 1% on Friday and the Nasdaq posted its heftiest quarterly percentage increase since June 2020, as signs of diverting inflation energy hope the Federal Reserve may soon end its forceful rate hike.
Asian shares mixed
MSCI's thorough index of Asia-Pacific shares outside Japan fell 0.2%. Japan's Nikkei rose 0.4%, although a survey of manufacturers came in barely below projections. S&P 500 futures fell 0.4% on Monday, while Nasdaq futures fell 0.7%.
Oil prices glide
Oil prices rose nearly 6% in Asian trading Monday morning after major oil producers led by Saudi Arabia announced unexpected production cuts of more than 1 million barrels per day. The West Texas Intermediate contract rose 5.74% to $80.01 a barrel and Brent rose 5.67% to $84.42.
Dollar earnings
The US dollar strengthened as inflation fears resurfaced after major oil producers announced further production cuts, with traders betting the Federal Reserve might be forced to raise rates at its next meeting. Started the week on the rise.
FII/DII action
After selling nonstop over the past few days, Foreign Portfolio Investors (REITs) turned into net buyers at Rs 348 crore on Friday. On the other hand, DII also purchased shares worth Rs 2,480 crore.
Rupee
The rupee was 13 paise higher against the US dollar at 82.21 on Friday as foreign prosperity inflows and a climb in domestic stocks strengthened investor presumption.
IPO Watch
The Initial Public Offering (IPO) of electronics manufacturer Avalon Technology, worth Rs. The company has set a price range of Rs 412-436 per share, allowing investors to bid on his 34 shares in one lot and multiples thereof.
