Stock Market Today: SGX Nifty rises 50 points; Asian markets rangebound as investors eye US CPI data

SGX Nifty signals positive start

Nifty futures on Singapore Exchange traded 51 points, or o.33 per cent, higher at 15,723.50 in signs that Dalal Street was headed for a positive on Thursday.

Tech View: Nifty50 chart suggests weakness ahead

Nifty50 on Wednesday formed a bearish candle on the daily chart and negated the formation of higher lows that it has been making in the past few sessions. Analysts said the index was forming indecisive candles for some time and hinting at a loss of momentum. Wednesday’s fall sent the NSE barometer below its immediate support at 15,680, suggesting weakness ahead, said analysts, who believe the 15,700-800 range will now be a key hurdle for the index going forward.

Oil prices slip in early trade

Oil prices slid on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country’s peak season for motoring. Brent crude oil futures were down 34 cents, or 0.5%, at $71.88 a barrel by 0108 GMT, while U.S. oil futures declined by 36 cents, or 0.5%, at $69.60 a barrel.

Asian shares hold range as investors eye US CPI

Asian shares edged higher but held their recent trading range on Thursday as investors focussed on US inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points. Japan’s Nikkei and Australia’s benchmark shares rose 0.4% each. Chinese shares gained with the blue-chip index up 0.9%.

US stocks ended lower

A slide in banks and industrial companies nudged stocks on Wall Street to modest losses Wednesday after an early gain faded in the last half-hour of trading. The S&P500 index slipped 0.2%, erasing its meager gain from a day earlier. The benchmark index’s modest moves this week have it on track for its first weekly loss in three weeks. The Dow Jones Industrial Average gave up 0.4%, while the Nasdaq held up somewhat better, ending down just 0.1%.

Rupee slides by 8 paise to 72.97 against dollar

Falling for the second day in a row, the rupee closed lower by 8 paise at 72.97 against the US currency on Wednesday amid a lacklustre trend in domestic equities. At the interbank foreign exchange market, the rupee opened on a negative note at 72.90 per dollar as against its previous close of 72.89. It hovered in the range of 72.88 to 73.02 per dollar during the day before ending at 72.97. The domestic currency has lost 17 paise in the two trading sessions to Wednesday.

Sensex, Nifty on Wednesday

After a firm opening, the 30-share BSE Sensex suddenly succumbed to selling pressure in mid-afternoon trade. It finally closed 333.93 points or 0.64 per cent lower at 51,941.64, extending its losing streak to the second session. On similar lines, the broader NSE Nifty slumped 104.75 points or 0.67 per cent to end at 15,635.35.

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