SGX Nifty up 130 points; here s what changed for market while you were sleeping indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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While concerns remain over the record rise in daily Covid cases, domestic stocks may see a positive start in Friday’s trade, tracking gains in other Asian markets, thanks to upbeat jobless data in the US overnight. FPIs have turned net buyers of equities for the first time this month. The technical setup on the daily chart, though, requires indices to take out immediate hurdles for a sustained show.
Here s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 71.50 points, or 0.48 per cent, higher at 14,868.50, signaling that Dalal Street was headed for a positive start on Friday.
Nifty futures on the Singapore Exchange traded 191 points, or 1.28 per cent, lower at 14734.7 in signs that Dalal Street was headed for a negative start on Friday.
A taxing Friday
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A wave of risk aversion swept US markets overnight after US President Biden signalled his intention to increase capital gains tax on high-income earners massively. That undid the excellent work of the US weekly Initial Jobless Claims, which unexpectedly retreated for the second week in a row to 547,000. Despite the spike in Covid-19 cases in parts of the US, the jobless claims data suggest that recovery momentum in America continues to accelerate.
Of course, what President Biden wants, and what he will get, could be two totally different things, especially when it comes to tax rates. Goldman Sachs suggests the tax hike will be watered down to 28% from above 40%, an entirely reasonable conclusion. Although the major US indices retreated by around 1.0% as the story hit the major wires, already in Asia, US stock index futures are staging a recovery, suggesting the knee jerk is running out of steam already.
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A 3 lakh-plus Covid case count for a second day, concerns over the economic impact of lockdowns, weakness in the rupee and an overnight drop in US stocks are likely to hit sentiment on Dalal Street on Friday. Most Asian markets traded higher in early trade, and technical charts for the domestic indices are hinting at a recovery ahead.
Here s breaking down the pre-market action:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 82 points, or 0.57 per cent, lower at 14,320 in signs that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty forms Piercing Line pattern