Stock Market Update: SGX Nifty Indicates A flat Opening

Stock Market Update: The Asian markets have opened on a mixed note amid lack of major global cues. The BSE Sensex was trading 233 points or 0.39 percent higher at 60,326. Nifty50 was trading at 17,959, up 64 points or 0.36 percent in early trading. Benchmark indices ware trading higher in the pre-opening session.

The Indian rupee fell by 31 paise to 81.89 against the US dollar in early trade.

Brent crude futures were down 38 cents, or 0.5 percent, at $84.08, extending a 1percent loss in the previous session.

Government of India cuts windfall tax on crude oil and Aviation fuel to Rs 1900 per tonne. Thus, stocks like Reliance, ONGC, BPCL and IOC are likely to be in focus.

U.S. West Texas Intermediate (WTI) crude futures slid $1.16, or 1.5 percent, to $78.70 from Friday’s close. There was no settlement on Monday due to a U.S. holiday for Martin Luther King Day.

Asian Markets

Many Asia shares slipped on Tuesday after Beijing released weak fourth-quarter economic data, although investors’ expectations for a strong China rebound remained high even as the global economy edges closer to recession.

MSCI’s gauge of Asia Pacific stocks outside Japan was down 0.34 percent, widening morning losses. Hong Kong’s Hang Seng Index fell 0.6 percent while China’s benchmark CSI300 Index was down 0.11 percent.

The Chinese administration had set a target of 5.5 percent GDP growth but the zero-COVID policy and a chaotic exit leading to surge in cases towards the end of the year took a toll on the economy. This is the second lowest GDP growth since the 1970s. However, analysts are now focusing more on the rebound in the current year even as the world stares at a recession.

In the last trading session, the FIIs sold to the tune of Rs 750 crore while the DIIs bought shares worth Rs 685 crore.

Foreign institutional investors this month have sold to the tune of Rs 18,170 crores.

Recap of yesterday’s future & options market

Nifty opened at 18,033.15, saw an intraday high of 18,049.65 and low of 17,853.65, it closed at 17,894.85.

Nifty bank opened at 42,622.55, it closed at 42,167.55.

FII net position in the index over last day: options -2632.07 Cr & Futures -1165.27Cr.

Also read: EDITORIAL: The G-20 Baton Passed To India goes a long way