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SGX Nifty up 60 points; here’s what changed for market while you were sleeping

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India 10-year bond yield fell 0.27 per cent to 6.20 after trading in 6.20-6.22 range.
The overnight rise in US stocks, a drop in bond yields, easing concerns over inflation and a positive start to Asian markets may help domestic stocks log further gains at open on Wednesday.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 61.50 points, or 0.41 per cent, higher at 15,222 in signs that Dalal Street was headed for a positive start on Wednesday.

Tech View: Nifty eyes swing high
Nifty50 on Tuesday climbed over 1 per cent and formed a small bullish candle on the daily chart, with a long lower wick, as intraday selling triggered buying. The index has been trading roughly in the 14,900-15,100 range for the past three sessions and analysts said the way the index rallied in the last hour of Tuesday’s trade suggested that it is gearing up for a breakout on the upside.

Asian markets gain in early trade

Asian stocks rose on Wednesday, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world’s second-largest economy. Japan’s Nikkei 225 added 0.07 per cent, Hong Kong’s Hang Seng index rose 0.77 per cent while Korea’s Kospi added 0.77 per cent.

US stocks settled higher

US stocks rallied on Tuesday, with the Nasdaq gaining about 4 per cent to recoup heavy losses from the previous session as US bond yields retreated and investors scooped up battered technology stocks. The Dow Jones Industrial Average rose 0.09 per cent to end at 31,832.08 points, while the S&P500 index gained 1.42 per cent to 3,875.47. The Nasdaq Composite climbed 3.69 per cent to 13,073.83.

Easy Trip IPO subscribed 7.20x on Day 2

The initial public offer of Easy Trip Planners Limited was subscribed 7.20 times on Tuesday, the second day of subscription. The Rs 510-crore issue received bids for 10,85,93,760 shares against 1,50,80,644 shares on offer, as per data available with the NSE.

FIIs buyers Rs 2,802 crore worth stocks

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 2,801.87 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,250.22 crore, data suggests.

MONEY MARKETS

Rupee: Ending its three-day losing run, the rupee on Tuesday spurted by 32 paise to close at 72.93 against the US dollar on the back of a rally in domestic stocks and the greenback retreating from three-month highs in global markets.

10-year bonds: India 10-year bond yield fell 0.27 per cent to 6.20 after trading in 6.20-6.22 range.

Call rates: The overnight call money rate weighted average stood at 3.12 per cent, according to RBI data. It moved in a range of 1.90-3.40 per cent.

EVENTS/DATA TO WATCH

  • China Inflation Rate YoY Feb (07:00 am)
  • China PPI YoY Feb (07:00 am)
  • US MBA Mortgage Applications 05/Mar (05:30 pm)
  • US Core Inflation Rate YoY Feb (07:00 pm)
  • US EIA Gasoline Stocks Change 05/Mar (09:00 pm)
  • National People’s Congress

MACROS

FY22 GDP growth projected at 12.6%… India’s GDP growth is expected to rebound sharply to 12.6% in FY22, making it the fastest-growing economy in the world, the Organization for Economic Co-operation and Development said in its interim economic outlook report. It said Covid-19 vaccine production in the country is “super encouraging”, but deployment speed will be crucial for recovery. Rating agency Crisil said in a separate report Tuesday that it expected India’s GDP growth to rebound to 11% in FY22, after an estimated 8% contraction in FY21, on the back of four drivers – people learning to live with the new normal, flattening of the Covid-19 affliction curve, rollout of vaccinations and investment-focused government spending.

Telcos told to suspend SMS rule… Trai on Tuesday suspended the implementation of its regulation to control pesky messages for a week, a day after a host of services and transactions such as net banking, online railway ticket bookings, ecommerce sales and Aadhaar authentication were disrupted as SMSes and OTPs failed to arrive. “It has been observed that some of the principal entities have not fulfilled the requirements as envisaged in Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR, 2018),” Trai said in a statement,

CEA wanrs against crony lending… Chief Economic Adviser K V Subramanian on Tuesday asked financial institutions to avoid crony lending and focus on high quality loans for creation of assets that will help the country become a $5 trillion economy. He said the Indian banking sector since the early 1990s faced the problem of poor quality lending especially on large loans, and funds were not given to most creditworthy borrowers but to crony capitalists, leading to high distress.

6,000 compliance rules to be eased…. India has identified 6,000 burdensome compliances, both at the central and states levels, that would be eased as part of the government’s plan to make it easier to do business. “A systematic exercise across the Centre and states is being undertaken to eliminate or reduce compliances which have an adverse impact on time and cost of businesses,’’ Guruprasad Mohapatra, secretary at DPIIT, said.

Cairn eyes overseas Indian assets… Cairn Energy is pursuing the option to monetise the arbitration award it won against India by potentially transferring the award to thirdparty fund or pledging Indian assets, the company said in an earnings statement that showed India’s liability at $1.7 billion. An arbitration tribunal ruled in favour of Cairn Energy in a six-year-old retrospective tax dispute in December and ordered the Indian government to pay the UK firm damages of $1.2 billion plus interest and cost, which at the end of 2020 amounted to $1.7 billion. The Indian government is preparing to appeal the award.

MFs see outflow for eight month…. Investors pulled money out of equity mutual funds in February for the eighth straight month, as they remained sceptical about the market’s prospects at near-record level after the sharp run-up. Debt mutual funds too witnessed outflows as the rise in bond yields eroded investor returns. Equity schemes saw outflows to the tune of ₹4,534 crore in February. In January, this category witnessed outflow of ₹9,253 crore.

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