Pre-marketing actions: SGX Nifty down 28 points. Mixed Asian markets. Gold prices fall with the dollar, bond yields rebound
Domestic stocks are expected to open on a low note on the May futures and serial options expiration day. Asian peers are mixed against a backdrop of rising dollar and US bond yields as more US policymakers see the need to discuss monetary tightening at some point. Technical charts of the national indices, meanwhile, suggest some resistance to come, although analysts believe it is a “ buy-to-dip ” market.
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SGX Nifty signals negative start
Shrewd futures on the Singapore Stock Exchange traded 28.5 points, or 0.19%, down to 15,308, a sign that Dalal Street was heading for a negative start on Thursday.
Tech View: Buy in Nifty50 Intraday Troughs
Nifty50 released its immediate resistance of 15,300 levels on Wednesday. Analysts said a sustained rise above the 15335 level could push the 50-pack index to all-time highs. Any intraday drop should be accepted, they said. Support levels are rising, said Ruchit Jain of Angel Broking, who sees immediate support for the index at 15,235 and 15,163 levels. This analyst advised traders to continue with a positive bias and look for opportunities on intraday declines.
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Asian markets mixed in early trade
Japan’s Nikkei was down 0.51% to 28,496.27, and futures on the S & P500 E-minis index were down 0.75 points, or 0.02%. Australia’s S & P / ASX 200 index rose 0.2% to 7,103.5. Hong Kong’s Hang Seng Index fell 0.57 percent, or 167.62 points, to 28,998.39. China’s Shanghai Composite Index fell 0.21%, or 7.62 points, to 3,585.75.
Dollar firms as traders brace for US inflation gauge
The dollar found support on Thursday from emerging views, the Federal Reserve is slowly but steadily moving towards a discussion of tightening monetary policy, and as traders wait for crucial US inflation data this week. US yields rose overnight, as the yield on benchmark 10-year Treasuries rose 1.7 basis points to 1.5808 percent. The US dollar index followed suit and rose 0.4% on Wednesday, holding at 90.076 on Thursday.
Fed Quarles Announce Bond Program Talks Open
A senior Federal Reserve official said on Wednesday he was ready to open talks on reducing some of the US central bank’s emergency support to the economy, if only to clarify plans of the Fed to do so as the economy moves forward and prices rise. “I don’t want to exaggerate my concern,” Fed vice chairman for oversight Randal Quarles said at a Brookings Institution event.
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Wall Street closes with modest gains
US stocks posted modest gains on Wednesday after a lackluster session that saw positive business news struggling with lingering concerns about the global recovery and inflation in the United States. The Dow Jones Industrial Average ended mostly flat at 34,323.05. The broad S & P500 index edged up 0.2% to close at 4,195.99, while the tech-rich Nasdaq Composite Index rose 0.6% to 13,738.
Sensex, Nifty Wednesday
At the closing bell, the BSE S&P Sensex was up 380 points or 0.75% to 50,018 while the Nifty 50 was up 93 points or 0.61% to 15,301. was mixed with a 1.8 percent drop in the Nifty metal when traders reserve profits. Nifty PSU also fell slightly, but Nifty realty gained 2.8% and IT gained 1.7%.