SGX Nifty Signals A Negative Start

SGX Nifty futures on the Singapore Exchange traded 23 points, or 0.13 percent, lower at 18,150, signaling that Dalal Street was headed for a negative start on Tuesday.

Indian benchmark indices opened lower on Tuesday amid the mixed and sluggish global cues. Sensex is down nearly 518 points at 60,228. Nifty 50 falls below 18,000, currently trading over 140 points lower at 17,962. Nifty Bank index falls nearly 456 points to 42,127.

In the broader market, the BSE MidCap and SmallCap indices declined up to 0.4 percent.

Sectorally, the Nifty IT index fell over 1 percent, followed by the Nifty PSU Bank index down 0.9 percent. On the upside, the Nifty Metal index gained 0.8 percent, while the Nifty Auto added 0.6 percent.

Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world’s biggest oil user, will slow economic growth and limit fuel demand.

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International oil benchmark Brent crude dipped 0.44 percent to USD 79.32 per barrel.

West Texas Intermediate crude fell 36 cents, or 0.5 percent, to $74.27 per barrel.

Rupee opens up 0.12 percent at 82.2700 per U.S. dollar; previous close 82.3600.

Gold was trading steady in Indian and international markets on 10 January 2023 morning, with cautious traders focusing on Federal Reserve chairman Jerome Powell’s speech for insights into the US central bank’s rate-hike trajectory.

Gold was trading flat on the Multi Commodity Exchange (MCX) at Rs 55,862 for 10 grams in early trade. Silver was down 0.6 percent at Rs 68,490 a kilogram.

Spot gold held its ground at $1,872.79 a troy ounce, while US futures were trading flat at $1,877.70.

Asian and US stock markets

Asian shares fell on Tuesday following hawkish comments from two U.S. Federal Reserve officials overnight with investors turning cautious ahead of key inflation data, while China’s reopening after COVID-19 restrictions pushed commodities higher. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.02 percent in early trade.

FII and DII data

Foreign Institutional Investors (FIIs) offloaded shares worth Rs203.13 crore on Monday, according to exchange data.

Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,723.79 crore on 9 January 2023, as per provisional data available on the NSE.