Stock Market Live Updates: SGX Nifty rises 50 points; Asian markets, S&P500 futures drop in early trade – Economic Times

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SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 53 points, or 0.33 per cent, higher at 16,228.50, signaling that Dalal Street was headed for a positive start on Tuesday.

Tech View: Nifty likely to stay in 16,000-16,400 range

Nifty50 on Monday formed a bearish candle on the daily chart with an upper wick, suggesting selling at higher levels. During the day, the index tested the 16,400 level. This is the level where the index had faced resistance in the last two weeks, said analysts who believe the index may be in for a range-bound action in coming sessions.

Oil prices ease on concerns over recession

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus. Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3%, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.

Asia stocks restrained as US futures retreat

Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in US stock futures. After ending Monday firmer, Nasdaq futures lost 1.3% with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28%. S&P 500 futures also lost 0.6%, surrendering some of Monday’s 1.8% bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan was left almost flat as a result, while Japan’s Nikkei dipped 0.1%.

US indices settle up to 2% higher

US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago. The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86%, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59%, to 11,535.28.

Rupee rebounds 15 paise to 77.55 against dollar

The rupee recovered from record lows and settled 15 paise higher at 77.55 against the US currency on Monday following a weak dollar in overseas markets and the RBI governor hinting at another rate hike in June to arrest rising inflation. At the interbank forex market, the domestic unit opened at 77.69 against the US dollar. It moved in a range of 77.51 to 77.69 during the session.

Sensex, Nifty on Monday

Equity indices frittered away a good start to close with modest losses on Monday, pressured by heavy selling in metal stocks after the government imposed export duties on steel-making raw materials to curb soaring prices. Sensex opened strong and gained momentum as the session progressed, but came under severe selling pressure in afternoon trade to close 37.78 points or 0.07 per cent lower at 54,288.61. On similar lines, the broader NSE Nifty slipped 51.45 points or 0.32 per cent to end at 16,214.70.

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