Ways2Capital Reviews : Rate Hike Fears Spook The Market, Indicate A Negative Opening

SGX Nifty is currently trading in the red down 30 points at 10,583.

Markets are expected to trade with a negative bias, as chances of a rate hike by RBI in its second bi-monthly monetary policy meeting of 2018-19 has spooked the trading community leading to sharp corrections in stocks.

Global markets
Major Asian markets are trading mixed, Nikkei is up 0.23%, Hang Seng is down 0.10%, while the Shanghai Composite is trading 0.01% higher.

US Markets: Stocks ended on a strong note in yesterday’s session with the Nasdaq managing to close at record highs.

The Dow and the Nasdaq surged 0.7% to 24,813.69 and 7,606.46 respectively, while the S&P 500 advanced 0.5% to 2,746.87.

The positive momentum on Wall Street was mainly on account of the better than expected employment data, which was released last Friday

European market too managed to end in the green yesterday with FTSE up 0.51%, CAC was up 0.13%, while DAX ended 0.36% higher.

FII Data:
In yesterday’s trading session, FII’s bought 2,354 crores stock in the cash market whereas DII’s sold 713 crores worth of stock.

In the derivative market, FII’s bought 553 crores of Index futures and sold 443 crores worth of Index options.

In the stock futures segment, FII’s sold 1,587 crores worth of stock futures and bought 15 crores stock options.

FII View:
In yesterday’s trading session FII continued to build bearish positions in the market, which is deduced by the fact that that they purchased 59,854 short contracts in Index futures, while simultaneously reducing 216,067 short contracts in index put options. The long-short ratio in Index Futures currently stands at 0.8x vs 0.9.
 
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About Bhoomi Desai

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