Moody’s downgrade of India’s sovereign rating may give domestic stocks a reason to take a pause after four days of continuous rally.
Here’s breaking down the pre-market actions.
STATE OF THE MARKET
SGX Nifty signals muted start
Nifty futures on the Singapore Exchange traded 8.75 points, or 0.09 per cent lower at 9,830.75 in signs that Dalal Street was headed for a muted start on Tuesday.
Tech view: Nifty forms Shooting Star
The index formed a candle similar to a ‘Shooting Star’ on the daily chart, said Mazhar Mohammad of Chartviewindia.in, who believe such a formation may pave the way for profit booking, if Nifty50 slips below 9,706 level in the next session.
Asian shares off to cautious start
Japan’s Nikkei 225 index was up 0.37 per cent or 81.05 points at 22,143.44 in early trade.Hong Kong’s Hang Seng Index added 0.25 per cent, or 59.72 points, to 23,792.24 . China’s benchmark Shanghai Composite index was flat, inching up 0.89 points, to 2,916.32.
Oil slips on concerns over US riots
Oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week. Brent crude futures rose 0.3 per cent, or 12 cents, to $38.44 a barrel. US WTI crude futures traded in a 38 cent range on either side of Monday’s close, and last traded up 0.3 per cent, or 9 cents, at $35.53 a barrel.
US indices settled higher
US stocks reversed their earlier losses to finish with modest gains, as investors weighed the possibility of normalising economic activities.On Monday, the Dow Jones Industrial Average rose 91.91 points, or 0.36 per cent, to 25,475.02. The S&P 500 increased 11.42 points, or 0.38 per cent, to 3,055.73. The Nasdaq Composite Index was up 62.18 points, or 0.66 per cent,