Stock Market News: SGX’s positive trend signals the start of a rally for the broader Indian stock market. Better futures traded at 17,431 on the Singapore Stock Exchange.
The market opens on October 6. The trend of the SGX Nifty shows a bullish trend for the broader Indian index. Better futures traded at 17,431 on the Singapore Stock Exchange.
On October 4, the BSE Sensex rose 1,277 points (2.25%) to 58,165 and the Nifty50 rose 387 points to 17,274 to form a candle on the daily chart.
According to the pivot chart, Nifty’s main support level is 17,165, followed by 17,056. If the index goes up, the main resistance levels are 17335 and 17396.
American market
Wall Street stocks fell on Wednesday after data showing strong US labor demand suggested the Federal Reserve would keep interest rates on hold for longer.
The Dow Jones Industrial Average fell 42.45 points (0.14%) to 30,273.87, the S&P 500 fell 7.65 points (0.20%) to 3,783.28, and the Nasdaq Composite fell 27.77 points (0.25%), down 165%. .
- Bajaj Finance saw strong capital growth, but the street was overshadowed by lending books
- ICICI Bank Q1 revenue: Up 50% YoY to Rs 6,905 crore; NII exceeded 21%
- Axis Bank’s revenue rose 91% to Rs 412.5 billion on solid net investment growth.
- Technical presentation | Nifty defends 17,000 likely to touch rally as the index looks oversold
Asian market
Asia-Pacific shares were mixed on Thursday after two days of weakness on Wall Street. Japan’s Nikkei 225 rose 0.78% and the Topix rose 0.71%. South Korea’s Kospi rose 0.81%, and Kosdaq 1.85%.
In Australia, the S&P/ASX 200 fell 0.17%. Hong Kong’s Hang Seng index fell 0.48% after rising 6% on Wednesday. The Hang Seng Tech Index fell 1.13%. MSCI’s main Asia-Pacific index rose 0.16%.
SGX Elegant
The SGX Nifty trend suggests a wider bullish trend for Indian stocks. Futures traded at 17,431 on the Singapore Stock Exchange and closed at 17,293 on October 4. Indian markets are closed on October 5 during Dussehra.
oil prices will rise
Oil prices rose in opening Asian trade on Thursday after OPEC+ agreed to cut global supply. The agreement between the Organization of Exporting Countries and its allies, including Russia, a group known as OPEC+, will provide supplies to a wider market.
Brent crude futures were up 46 cents, or 0.5%, at $93.83 a barrel by 0027 GMT. At the same time, US West Texas Intermediate (WTI) oil rose 45 cents (0.5%) to $88.21 a barrel.
Morgan Stanley said the currency is close to emerging markets
According to Morgan Stanley, the bear market cycle is nearing its end after a long period of losses for Asian stocks in the face of emerging markets and Japan.
Investment banking strategists, including Jonathan Garner, said in a report that the market was declining amid “significant” signs of overselling. That boosted emerging markets and Japan’s Asian stocks, increasing their value.
A review by Garner and his team earlier this year showed deep damage to emerging markets and China led to a $1 gain in the MSCI Emerging Markets Index when the Covid restrictions began…
Consumer prices rose in the US in September. The trade deficit will decrease significantly
US private employers raised wages in September. This means that labor demand remains strong despite rising interest rates and tight financial conditions. ADP’s national job vacancies report Wednesday showed August employment fell for the first time in two and a half years, building on Tuesday’s data.
Private employment added 208,000 jobs last month. In August, the data was revised and 185,000 jobs were added.
Global equity funds have had the most outflows over the past two decades
The first three months of this year saw a two-decade global bond yield as central bank interest rates rose sharply to offset inflation fears of a recession blade. Global bond outflows totaled $175.5 billion in the first nine months of this year, the first sell-off since 2002, according to Refinitiv Lipper.
Date of FII and DII
Foreign institutional investors (FIIs) continued to be net buyers to the tune of Rs 1,344.63 billion, while domestic institutional investors (DIIs) bought net shares worth Rs 945.92 trillion on October 4, according to preliminary NSE data.
OPEC+ agreed to cut output despite pressure from the United States
OPEC+ agreed to the deepest output cuts since the 2020 COVID pandemic at a meeting in Vienna on Wednesday, keeping supplies in an already tight market despite the United States and other countries’ pressure to extract more oil as well.
A cut could push oil prices higher, which have fallen to about $90 from $120 three months ago on fears that a global economic slowdown, U.S. oil prices, and oil prices could rise. for rising interest rates and a healthy dollar.
The World Bank has reduced its economic growth forecast for India in 2023 to 6.5%.
The World Bank on Thursday estimated India’s economic growth at 6.5% for the 2022-23 fiscal year, down 1% from its previous forecast for June 2022, citing a better international environment.
In its latest economic focus on South Asia, released ahead of the annual meetings of the International Monetary Fund and the World Bank, the bank noted that India is recovering stronger than the rest of the world.
In its first action against a credit rating agency, SEBI ordered the winding up of Brickwork Ratings.
On October 6, the market regulator, the Securities and Exchange Commission (SEBI), issued an order for gross operational negligence, including Brickwork Ratings v. Bhushan steel. The move follows an investigation by the Reserve Bank of India (RBI), a market and banking regulator.
In its order, Sebi cited the failure of rating agencies to exercise skill, care, and diligence in performing their duties as credit rating agencies.
Fed to Evans: a rate hike to 4.5% to 4.75% in spring 2023
Governor Charles Evans of the Federal Reserve Bank of Chicago said on Thursday that the benchmark interest rate of the US central bank could reach 4.5-4.75% by the spring of 2023.
“There is still work to be done,” Evans said at the annual meeting of the Illinois House of Representatives in Chicago. “Inflation is currently high, which calls for tighter monetary policy.”
Evans and other Fed policymakers have admitted they are slow to recognize the persistence and pervasiveness of inflation, pushing benchmark interest rates from zero to three in just seven months. We are trying to increase it to ~3.25% and handle it quickly.
Citi expects global stocks to rise 18% by the end of 2023
Citigroup expects global stocks to rise around 18% between now and the end of 2023, despite the warning of a “significant risk” of recession, as the sell-off continues this year. , said lower valuations are attractive to investors.
Global shares hit a record high as the US benchmark S&P 500 has been in a bear market for most of the year, interest rate and recession fears, and central banks’ fight against inflation led to a sharp rally in stocks.
Citi’s Robert Buckland said, referring to the price-to-earnings (PE) ratio, “caps took a big hit as the MSCI AC World Growth Index fell from 31x to 19x.” “We think most of this downturn is now complete.”