Here’s breaking down the pre-market actions.
STATE OF THE MARKETS
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 37.5 points, or 0.35 per cent higher at 10,721, in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Bears make a comeback
Nifty50 on Wednesday snapped a five-day winning streak and formed a bearish candle on the daily chart. It had been losing momentum for some time now, as the narrow trading ranges of the past few sessions suggested. The trend emerged as the index fast approached its 200-day simple moving average, whose value was placed at 10,887 on Tuesday. Analysts largely see support for the index in the 10,620-650 range and the immediate hurdle at 10,750 level.
Asian shares edge higher in early trade
Japan’s Nikkei 225 index edged up 0.30 per cent or 66.48 points to 22,505.13 in early trade. Hong Kong’s Hang Seng index rose 0.85 per cent, or 221.95 points, to 26,351.13. CHina;s benchmark Shanghai Composite index ticked 0.04 points up to 3403.48, while the Shenzhen Composite Index on China’s second exchange inched down 0.17 points to 2,198.45.
Wall Street rally back on track
The Dow Jones Industrial Average rose 177.10 points, or 0.7 per cent, to 26,067.28, and the Nasdaq composite gained 148.61, or 1.4 per cent, to 10,492.50 to set another record. The S&P 500, which more index funds benchmark themselves against, rose 24.62 to 3,169.94 and is back within 6.4 per cent of its record.
Oil prices flat as virus cases rise
Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in US gasoline demand was tempered by concerns about renewed lockdowns with Covid-19 infections surging in the US. US WTI crude futures were unchanged at $40.90 a barrel, after rising 0.7 per cent on Wednesday. Brent crude futures inched up 3 cents to $43.32, after gaining 0.5 per cent on Wednesday.
FPIs sell Rs 995 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 994.87 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 853.41 crore, data suggests.
Retail participation in equities at 15-year high
Retail participation in Indian equities has surged to a 15-year high in July as investors shifted from unattractive bank and corporate fixed deposits to take advantage of the market’s sharp recovery from the March lows. After hitting a 10-year high of 68% in June, retail participation has risen to 72% of the total cash market turnover so far in July. These levels were last seen in 2005, the mid-point of the 2003-07 bull market.
Rupee: The rupee skidded 9 paise to close at 75.02 against the US dollar on Wednesday amid rising crude oil prices and a firm greenback.
10-year bonds: India 10-year bond yield fell 0.24 per cent to 5.77 after trading in…