- Global Market Movers 16 Sep 2020

11,535 key level to watch for Nifty50

Trends on SGX Nifty indicate a flat opening for the index in India with a 30 points loss. The Nifty futures were trading at 11,498 on the Singaporean Exchange
Markets may remain volatile in the coming week and traders should keep stock-specific action on the radar

INDIA MARKETS

Nifty has to hold above 11,450 level to witness an up-move towards the 11,750 – 11,800 zone while on the downside key support exists in the 11,350 – 11,333 zone
Nifty50 closed positive at 11,521 level with a gain of 0.71 per cent
It negated the negative impact of a Bearish Engulfing Pattern formed on Mon, by forming a Bullish Harami pattern, which indicated that the bulls are not ready to loosen their grip on the market
The 20-day moving average, whose value stands at 11,443 would keep offering support to the index
Bank Nifty opened positive and slowly headed towards 22,500 level, as it managed to hold the immediate support at 22,000 level
Bank Nifty formed an Inside Bar or a Bullish Harami candle, which indicates that the bulls are not allowing the market to drift down even after its recent underperformance
Small & midcap indexes extended their gain to 4 days in a row by rising more than 1 per cent each. In the last 2 days, the smallcap index has gained over 7 per cent while the midcap index has surged almost 4 per cent
India VIX fell 2.80 per cent from 21.19 to 20.59 level
VIX needs to cool down below the 20-18 zone to get the bulls have a grip for the next leg of rally
Rules to verify origin of goods imported under FTA to take effect from Sep 21

US MARKETS

US stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank’s two-day meeting got under way
The Dow Jones Industrial Average rose 2.27 points or 0.01% to 27,995
S&P 500 gained 17.66 points or 0.52% to 3,401
Nasdaq Composite added 133.67 points or 1.21% to 11,190
Today in derivatives market, Dow futures dipped 12 points, S&P 500 and Nasdaq 100 futures were also set to open flat
Apple shares came off their highs post new product event
FedEx released earnings $2.18 per share above estimates, fueled by the e-commerce boom
Technology stocks continued their broad-based rally

ASIA MARKETS

In Japan, the Nikkei 225 slipped 0.11% in early morning trade while the Topix index shed 0.15%
Japan’s Ministry of Finance showed the country’s exports in August falling 14.8% YoY
South Korea’s Kospi hovered above the flatline
Hong Kong’s Hang Seng Index dropped 40 points or 0.16% trading at 24,693
In China, Shanghai Composite index dipped 0.18% trading at 3289
Meanwhile, Australia’s S&P/ASX 200 advanced 0.37%
Overall, the MSCI Asia ex-Japan index traded 0.06% higher

EU MARKETS

Stocks closed higher as investors shift focus to upcoming central bank meetings
US Fed, BoJ, and Bank of England meetings are to be underway soon
The pan-European Stoxx 600 provisionally added 0.77% by the closing bell
A 2.37% rise for retail stocks while banks were the only sector to finish in the red, falling 0.93%
Stoxx 50 saw bullish engulfing pattern, closing at 3332, 0.47% up

OIL MARKETS

Oil prices rose on Wed, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in U.S. crude stockpiles
Brent crude trading up 36 cents, or 0.81% $41.01 a barrel
U.S. WTI crude gained 40 cents, or 1.05%, to $38.46 a barrel

GOLD MARKETS

US DOLLAR

US dollar remained flat, with currency index staying mute against its G-10 peers after falling from 93.575 to 93.074
Euro/USD mute at 1.1847
The Japanese yen strengthened by 0.15% versus the greenback at 105.28 per dollar
Sterling was last trading at $1.2905, up 0.13% on the day, with sterling strengthening
USD/INR opened at 73.3871 and closed 22 cents higher on Tue, but settling below the 75-per USD mark at 73.6050
CNH, the offshore yuan, stands at 6.7845 to the USD, down by 0.14% with dollar weakening to CNH

US TREASURY

Yields on the benchmark 10-year Treasury note traded at 0.679%, down 0.47% on Wed 16th
The 30-year bond yield dropped 0.31% trading at 1.428% on Wed 16th

FUND FLOWS on 15 SEP 2020