Nifty today: SGX Nifty up 101 points; here’s what changed for market while you were sleeping

Here’s the breaking down of the pre-market actions:

State of the markets

SGX Nifty signals gap-up start: Nifty futures on the Singapore Exchange traded 101.5 points, or 0.69 per cent, higher at 14,894.50 in signs that Dalal Street was headed for a positive start on Tuesday.

Tech View: No follow-through selling a respite

Nifty50 on Monday topped the 14,750 level and formed an Inside Bar on the daily chart. The price action for the day was noteworthy. First, there was no follow-through to the long bearish candle on Friday. Second, the 50-pack index took support from a rising 50-day moving average and at 50 per cent retracement of 13,596-15,431 rally. Besides, the index broke below minor swing low of 14,613, before seeing recovery, said independent analyst Manish Shah.

Asian shares rise as risk assets shine

Asian shares are poised to rally on Tuesday as a halt in a recent bond markets sell-off calmed investor nerves and lifted riskier assets, although oil prices were on the defensive on fears of slowing Chinese energy consumption. Australian shares jumped 0.8 per cent in early trade, while E-mini S&P futures climbed 0.15 per cent. Japan’s Nikkei opened 0.93 per cent higher.

US stocks surge on vaccine optimism

Major indices leapt at the open and remained in positive territory the entire day, led by the tech-rich Nasdaq Composite Index, which jumped 3.0 percent to close at 13,588.83, its best day since November. The Dow Jones Industrial Average climbed 2 per cent to end 31,535.51, while the broad-based S&P500 index gained 2.4 percent to 3,901.82, its best session since June.

Heranba IPO allotment today

Heranba Industries, whose IPO was sold from February 23 to February 25, will finalise its share allotment today. The Rs 625 crore issue was subscribed 83.29 times, with the quota for qualified institutional investors getting 67.45 times and retail quota limit getting 11.84 times subscription. The HNI quota was subscribed a shopping 271.15 times. Angel Broking is expecting a good listing for the company.

FIIs buy Rs 125 crore worth stocks

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 125 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 194.88 crore, data suggests.

Money markets

Rupee: The rupee dropped by 8 paise to close at 73.55 against the US dollar on Monday, extending its falling streak to a third day due to a spike in global crude oil prices and strong American currency.

10-year bonds: India 10-year bond yield fell 0.32 per cent to 6.20 after trading in 6.19-6.23 range.

Data/Events to watch

• India Feb Balance of Trade Prel (05:50 pm)
• Japan Unemployment Rate Jan (05:00 am)
• US Total Vehicle Sales Feb (05:30 am)
• UK Nationwide Housing Prices YoY Feb (12:30 pm)
• Euro Area Core Inflation Rate YoY Flash Feb (03:30 pm)

Macros

Feb GST mopup at Rs 1.13L cr….. GST collections rose for the sixth successive month in February, according to data released on Monday, while higher e-way bills for the month pointed to collections remaining firm in March as well. Total GST revenue was Rs 1.13 lakh crore in February, 7% higher than a year earlier and a tad lower than Rs 1.2 lakh in January after a fresh increase in Covid-19 cases dented collections in some states.

Insurers may get to invest in InvITs… IRDA is planning to allow insurance companies to invest in debt securities issued by any pooled investment vehicles, including infrastructure and real estate investment trusts, three people with direct knowledge of the matter told ET. The move could help bring more funds to infrastructure via infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) — the hybrid models through which the government is attempting to channel money into the cash-starved sector.

Spectrum auction fetches Rs 77K cr… The government generated ₹77,146 crore on day one of the 4G spectrum auction, over 71% higher than what it had expected, with Reliance Jio Infocomm, Bharti Airtel and Vodafone Idea mostly bidding to renew airwave permits expiring from July. The sale, which is expected to close today (Tuesday), will however fall short of the ₹3.92 lakh crore that the government could have generated had all airwaves on offer been sold at base price. The Centre will get ₹12,000-13,000 crore as upfront payment this fiscal through March 2021, and a similar amount in the next.

Sebi reviews NSE fiasco… Sebi on Monday had a meeting with stock exchanges and clearing corporations to discuss the fiasco that led to the shutting down of NSE’s trading system last week and to make interoperability between the exchanges more robust. The regulator said it received complaints from market participants that the exchange’s clearing corporation too did not work properly, which prevented the shift to BSE’s trading system using interoperability

Biz resumption slows down some bit… The pace of resumption of India’s business activity slowed marginally in the last week of February as rising Covid-19 cases in some states weighed on mobility, brokerage firm Nomura said in a note. The Nomura India Business Resumption Index (NIBRI) eased to 98.5 for the week ended February 28, down from 99.3 recorded in the previous week as the Google retail and recreation mobility and Apple driving indices moderated, even as the Google workplace mobility improved, it said.

Dual approvals for Ind directors… Sebi has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure. The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors (ID). This requires the majority of all shareholders as well as the majority of minority shareholders, other than the promoter and promoter group, to approve the appointment and removal of such directors.

Feb Manufaturing PMI down… Manufacturing activity in India eased marginally in February and employment decreased as the country saw rise in fresh Covid-19 infections in some states, a private survey showed. The IHS Markit India Manufacturing Purchasing Managers’ Index was 57.5 in February compared to 57.7 in January but remained above its long-run average of 53.6. A reading above 50 indicates expansion while below that signals contraction.