Stock Market Today: SGX Nifty climbs 147 points as inflation concerns ease; Asian markets rise while oil prices fall for 2nd day

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Opening Bell: Sensex jumps 500 points, Nifty nears 17,800; Titan soars 7%; IndusInd Bank up 2%

Pre-open session: Sensex climbs 400 points, Nifty50 tops 17,850

SGX Nifty signals a gap-up start

Nifty futures on the Singapore Exchange traded 146 points, or 0.83 per cent, higher at 17,775, signaling that Dalal Street was headed for a gap-up start on Thursday.

Tech View: Nifty forms Bearish Engulfing; avoid longs

Nifty50 on Wednesday formed a Bearish Engulfing pattern on the daily chart. This reflected that the bears now have an upper hand in the market filled with uncertainties. Structurally, the index can take the form of a triangular pattern, which would also mean consolidation in the next few sessions.

Oil drops for 2nd session on unexpected rise in US inventories

Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in US crude stocks that raised concerns over demand after prices rallied to multi-year highs. US crude slid 0.43%, or 33 cents, to $77.10 a barrel after the market climbed on Wednesday to $79.78, the highest since November 2014. Brent crude 2 cents, to $81.06 a barrel.

Dollar index little changed in early trade

The safe-haven dollar held close to a 14-month high against the euro on Thursday as a surge in energy prices fuelled worries that inflation could crimp economic growth while also prodding the Federal Reserve to act sooner to normalise policy. The US currency was steady at $1.1558 per euro. The dollar index, which measures the greenback against a basket of six rivals, was little changed at 94.188 from Wednesday, following a nearly 0.5% climb over the past two sessions.

Hong Kong stocks rally at open

Hong Kong shares rallied more than one percent at the open of business Thursday on news that US lawmakers were edging towards a deal to raise the country’s borrowing limit and avert a catastrophic default. The Hang Seng Index jumped 1.56 percent, or 372.83 points, to 24,339.32. Mainland Chinese markets were closed for a holiday.

Tokyo stocks open higher as US default worries ebb

Tokyo stocks opened higher on Thursday, extending gains on Wall Street as US congressional Republicans offered a compromise in high-stakes talks on lifting the US debt limit. The benchmark Nikkei 225 index was up 0.56 percent or 153.81 points at 27,682.68 in early trade, while the broader Topix index advanced 0.30 percent or 5.77 points to 1,947.68.

US stocks settled higher

Soaring energy prices retreated and stocks on Wall Street rebounded on Wednesday after the top US Senate Republican backed an extension of the US debt ceiling and Russia calmed volatile natural gas markets in Europe. On Wall Street, the Dow Jones Industrial Average rose 0.3%, the S&P 500 gained 0.41% and the Nasdaq Composite added 0.47%.

Rupee slips to 5-month low on rising dollar, oil prices

The Indian rupee depreciated to a five-month low on Wednesday amid strengthening US dollar as well as rising crude oil prices. Accordingly, the rupee ended at Rs 74.98 per US dollar on Wednesday. Experts said that USD-INR (Spot) pair is expected to trade with a positive bias in the range of 74.40 and 75.20 in the coming days.

Sensex, Nifty on Wednesday

Weak global cues along with profit bookings and high crude oil prices dented India’s key equity indices — S&P BSE Sensex and NSE Nifty50 – on Wednesday. Globally, equities traded sharply lower as risk sentiment soured amid growing worries that inflation may persist. The 30-scrip sensitive index closed at 59,189.73 points down 555.15 points or 0.93 per cent. Besides, the NSE Nifty50 traded at 17,646 points, down by 176.30 points or 0.99 per cent.

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