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Stock Market Pre-Open Session Live: Sensex gains 75 points; Nifty above 18,150; Asian

Watch this space as we bring you LIVE updates of the day’s proceedings from Dalal Street.

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Pre-open session: Sensex gains 75 points; Nifty above 18,150

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded merely 22 points, or 0.12 per cent, lower at 18,116.50, signaling that Dalal Street was headed for a negative start on Wednesday.

Tech View: Nifty support at 18,080 level

The Nifty50 on Tuesday saw selling pressure at its key resistance level of 18,350, as the index ended up forming a bearish candle on the daily chart that engulfed candles of the last four sessions. A fall below the 18,100-080 range may trigger further weakness, analysts warned. The index has bridged the bullish gap present in the zone of 18,128 and 18,081, with an intraday low of 18,085 level.

US dollar rises as bond yields rise

The dollar was firm on Wednesday after a rip higher in US yields vaulted it up sharply on the euro overnight, putting it back above support levels that have held for the past few months in anticipation of rising US interest rates. Dollar Index gained to 95.768.

Oil hits seven-year highs on recovery hopes, unrest

Oil prices hit their highest levels in more than seven years, driven in part by hopes of a global economic recovery that would ramp up demand. As per Reuters, Bret crude futures jumped $1.21 to hit $88.72 a barrel level in Wednesday’s trade. A drone attack on Monday in Abu Dhabi claimed by Yemen’s Huthi rebels, which triggered a fuel tank blast that killed three people, also supported prices.

Hong Kong shares open higher

Hong Kong stocks opened with gains at the start of trade Wednesday as dip-buyers moved in following three days of losses, though sentiment was dented by ongoing concerns about Federal Reserve plans to hike interest rates. The Hang Seng Index rose 0.49 percent, or 117.00 points, to 24,229.78. The Shanghai Composite Index eased 0.06 percent, or 2.28 points, to 3,567.63.

Japan shares open lower after US losses

Tokyo shares opened lower on Wednesday, tracking losses on Wall Street where worries over higher interest rates mounted. The benchmark Nikkei 225 index fell 1.68 percent or 474.38 points to 27,782.87 in early trade, while the broader Topix index lost 1.63 percent or 32.21 points to 1,946.17.

US stocks sinkcas Treasury yields jump

Benchmark US Treasury yields jumped to two-year highs and equity markets tumbled on Tuesday as traders braced for the Federal Reserve to tackle fast-rising inflation by tightening monetary policy. On Wall Street, the Dow Jones Industrial Average slid 1.51%, the S&P 500 fell 1.84% and the Nasdaq Composite slipped 2.60% to close almost 10% below its record closing high on Nov. 19, which would confirm a correction.

Rupee slumps 33 paise to 2-week low

Continuing its fall for the third straight session, the rupee on Tuesday slumped by 33 paise to close at a two-week low of 74.58 against the US dollar as a strong American currency and elevated crude oil prices continue to weigh on investor sentiments. Forex traders said muted domestic equities and dollar buying by banks on behalf of importers also dragged the local unit down.

Sensex, Nifty on Tuesday

Equity benchmark Sensex plunged by 554.05 points on Tuesday, tracking deep losses in realty, auto and metal stocks amid widespread selling pressure in global markets. The 30-share index slumped by 554.05 points or 0.90 per cent to end at 60,754.86. The broader NSE Nifty fell by 195.05 points or 1.07 per cent to 18,113.05. Maruti was the top loser in the Sensex pack, shedding over 4 per cent, followed by Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T.

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