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SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 77 points, or 0.48 per cent, higher at 16,099.50, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty50 may see rangebound trading
Nifty50 on Wednesday fell for the third straight day and formed a bearish candle on the daily chart, in as many trading sessions. During the session the index managed to defend the 16,000 mark and continued its recent consolidation. Analysts said rangebound moves may continue in coming days and that any upside on Nifty50 will face hurdles at the 16,400 level.
Hong Kong shares open with gains
Hong Kong stocks opened on the front foot Thursday morning following a positive lead from Wall Street fuelled by an easing of fears about the Federal Reserve’s interest rate hike plans. The Hang Seng Index rose 0.50 percent, or 100.95 points, to 20,272.22. The Shanghai Composite Index edged up 0.13 percent, or 4.02 points, to 3,111.48, while the Shenzhen Composite Index on China’s second exchange added 014 percent, or 2.69 points, to 1,947.57.
Japan shares open higher after Wall Street gains
Tokyo stocks opened higher on Thursday following gains on Wall Street, despite ongoing worries over inflationary pressure due to the war in Ukraine. The benchmark Nikkei 225 index added 0.14 percent or 36.94 points to 26,714.74, while the broader Topix index rose 0.45 percent, or 8.43 points, to 1,885.01. The dollar stood at 127.30 yen, nearly flat from 127.26 yen on Wednesday in New York.
Oil firms on tight supply though EU ban on Russian oil still uncertain
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine. Brent crude futures for July settlement inched up 7 cents, or 0.1%, to $114.10 a barrel at 0142 GMT. US West Texas Intermediate (WTI) crude futures for July delivery climbed 22 cents, or 0.2%, to $110.55 a barrel.
US stocks climb as Fed minutes show determination on rates
Stocks ended broadly higher on Wall Street Wednesday after minutes from the Federal Reserve’s most recent meeting signaled the central bank intends to move “expeditiously” to raise interest rates back to more neutral levels in its fight to tame inflation. The S&P 500 rose 0.9%, while the Dow Jones Industrial Average rose 0.6%. The Nasdaq climbed 1.5%. The indexes, which recovered after being in the red in the early going, are on pace for a weekly gain, despite more up-and-down trading this week.
Rupee edges up 2 paise to 77.54 against dollar
The rupee recovered 2 paise to settle at 77.55 against the US currency in a restricted trade on Wednesday as interventions by banks supported the local unit while a stronger dollar in overseas markets restricted the gains. The US dollar snapped its two days of losses ahead of the release of the minutes of the US Fed’s meeting this month. The US dollar index gained 0.4 per cent to 102.25 against a basket of six global currencies.
Sensex, Nifty on Wednesday
Extending the losing run to the third consecutive day, the Indian stock market’s benchmark Sensex closed 303 points down on Wednesday dragged by heavy selling pressure in IT stocks. The 30 stock S&P BSE Sensex slumped 303.35 points or 0.56 per cent to 53,749.26 points against its previous day’s close at 54,052.61 points. The broader Nifty 50 of the National Stock Exchange slumped 99.35 points or 0.62 per cent to 16,025.80 points.