Stock Market Today: SGX Nifty drops 121 points; Asian markets pare losses as Biden agrees to meet Putin

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SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 121 points, or 0.0.70 per cent, lower at 17,159, signaling that Dalal Street was headed for a negative start on Monday.

Tech View: Nifty50 bulls need 17,400 to make a comeback

Nifty50 on Friday fell for the third day and formed a bullish candle on the daily scale, with a long upper wick, suggesting selling pressure at higher levels. This was the third straight week when the index formed lower high-low on a weekly scale. Analysts said the index has been finding it difficult to breach its key short-term moving averages and sees the index trading in a 16,800-17,400 range in coming days.

Asian shares pare losses on Ukraine hopes

Asian share markets and Wall Street futures pared sharp early losses on Monday as the US President Joe Biden and Russian President Vladimir Putin have agreed in principle to hold a summit on the Ukraine crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan pared their losses to be down 0.4%, while Japan’s Nikkei halved its drop to be down 0.9%.

US stocks settled lower on Friday

On Wall Street, the Dow Jones Industrial Average fell 0.68%, the S&P 500 lost 0.72% and the Nasdaq Composite dropped 1.23%. All but one of the 11 S&P 500 sectors fell, with the exception being consumer staples, which do well in economic downturns. Stocks fell as hopes that diplomacy might resolve the Ukraine crisis faded on news Russian-backed separatists were evacuating residents from breakaway regions.

Rupee spurts by 40 paise to over 2-week high against dollar

The rupee spurted by 40 paise, its biggest single-day gain in over three months, to settle at a more than two-week high of 74.66 against the US dollar on Friday on hopes of a diplomatic solution to the East-West standoff over Ukraine. A fall in crude oil prices also supported the local currency, analysts said.

Sensex, Nifty on Friday

Equity indices surrendered mid-session gains to close lower for the third day in a row on Friday as participants remained cautious amid geopolitical uncertainties in eastern Europe. After swinging about 700 points between gains and losses, the BSE Sensex finally closed 59.04 points or 0.10 per cent lower at 57,832.97. On similar lines, the NSE Nifty edged lower by 28.30 points or 0.16 per cent to settle at 17,276.30.

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