Dalal Street bulls looked set to take domestic stocks further higher on Wednesday, but any upside may remain capped given the mixed cues from other Asian markets. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 26.5 points, or 0.19 per cent, higher at 14,253.50, in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty bulls in full control
Nifty50 climbed for the third straight day on Tuesday, as the bulls continued to make a comeback after every intraday dip. The index formed a small bullish candle on the daily chart and closed a whisker away from its immediate resistance of 14,200. Analysts said the index has been trading in the overbought zone, but the momentum has remained strong and the supports are shifting higher. They recommended buy on dips.
Asian stocks mixed, await US runoff results
Asian stocks were mixed on Wednesday as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world's largest economy while oil NSE -0.36 % prices rose on news of planned output cuts. In Asia, futures for the S&P 500 fell 0.07 per cent, Australian S&P/ASX 200 dipped 0.43 per cent and Japan's Nikkei 225 inched up 0.1 per cent
Oil rises on Saudi output cut
Brent oil prices rose to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed US crude stockpiles fell last week. Brent crude rose as much as 0.6 per cent to $53.94 a barrel, the highest since February 26, 2020.
US stocks settled higher
Stocks closed broadly higher on Wall Street, regaining their footing a day after suffering their worst loss in months amid the worsening pandemic and potentially market-moving Senate elections. The S&P500 index rose 26.21 points to 3,726.86. The Dow Jones Industrial Average index gained 167.71 points, or 0.6 per cent, to 30,391.60. The Nasdaq Composite index picked up 120.51 points, or 1 per cent, to 12,818.96.
FIIs buy Rs 986 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 986.3 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 490.03 crore, data suggests.