SGX Nifty Signals A Positive Start For Indian Market

Indian stock market opens flat but is trading in green now.

Trends on SGX Nifty indicates an opening in the green for the Indian market on Wednesday after a gain of 0.18 percent. Indian stock market opens flat but is trading in green now.

The BSE Sensex rose 402.64 points or 0.66 percent to 61,055.39 and the NSE Nifty 50 rose 110 points or 0.61 percent to 18,160.85.

Indian rupee opens up 0.02 percent at 81.7400 per U.S. dollar; previous close 81.7600.

Oil prices rose on 18 January, extending the previous session’s gains, driven by optimism that a relaxation of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer.

Also read: BSE Sensex Soared 562 Points & Nifty Ended Above 18,050

Shares of two gold loan companies have declined even as gold prices globally surged to a record. Muthoot Finance is down 0.8 percent year to date, while Manappuram Finance has gained 1.3 percent.

Gold prices inched lower on 18 January 2023 as the U.S. dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses.

Spot gold dipped 0.3 percent to $1,902.79 per ounce. U.S. gold futures fell 0.2 percent to $1,906.00.

Foreign institutional investors snapped their seventeen-day sales run, purchasing 2.11 billion rupees ($25.85 million) worth of equities on a net basis on Tuesday. They had sold shares worth 246.51 billion rupees ($3.02 billion) since 23 December 2022.

Asian Markets

Asian markets were trading in green with China’s Shanghai Composite index climbing 5.45 points or 0.17 percent to 3,229.69 and Hong Kong’s Hang Seng advanced 55.80 points or 0.25 percent to 21,633.44. South Korea’s KOSPI is trading with the loss of 15.10 points or 0.63 percent to 2,364.29.

Tokyo stocks opened higher encouraged by a stable dollar-yen rate, as investors awaited the result of a Bank of Japan policy meeting that could potentially rattle financial markets. The Bank of Japan decided against making more adjustments to its yield curve control program, prompting a sharp slide in the yen as it tried to contain speculation over policy normalization fuelled by December’s shock move.

The 10-year yield on Japanese government bond breached the BOJ’s ceiling for fourth straight session on Wednesday after the decision.

The benchmark Nikkei 225 index was up 0.54 percent, or 140.57 points, at 26,279.25 in early trade, while the broader Topix index added 0.42 percent, or 7.92 points, to 1,910.81.