Domestic stocks may kick off Tuesday’s session on a muted note amid weak cues from other Asian markets, even though US indices gained over 1 per cent overnight.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals flat start
Nifty futures on the Singapore Exchange traded 10.5 points, or 0.09 per cent higher at 11,464.50, in signs that Dalal Street was headed for a flat start on Tuesday.
Nifty forms a Bearish Engulfing pattern
Nifty50 on Monday saw selling pressure around recent swing high of 11,584 and gave up all the gains to end up below the 11,450 level. It engulfed Friday’s bullish candle to form a Bearish Engulfing Candle on the daily chart. Analysts said the 11,500-11,585 range would continue to offer resistance to the index in the short term.
Asian shares edge lower
Japan’s Nikkei 225 index was down 0.44 per cent or 103.06 points at 23,456.24 in early trade. Hong Kong shares opened slightly lower after putting on more than one per cent over the previous two sessions. The Hang Seng index eased 0.08 per cent, or 18.63 points, to 24,621.65. China’s Shanghai Composite index edged down 0.05 per cent, or 1.69 points, to 3,277.13.
Oil inches lower on weak demand outlook
Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1 per cent, at $39.58 a barrel, reversing earlier gains. US West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1 per cent, at $37.24 a barrel.
US stocks rise amid tech rebound
US stocks ended higher, fueled by a rebound in big tech names. On Monday, the Dow Jones Industrial Average index increased 327.69 points,