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Dollar firm as inflation test looms
The dollar started the week with support as traders bet US inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates. After dipping on Friday, the greenback stood around its 200-day moving average against the euro at $1.1357 in early Asia trade on Monday. It firmed slightly on the yen to 115.65, fairly close to last week’s five-year high of 116.35 per dollar.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 49.5 points, or 0.28 per cent, higher at 17,906.50, signalling that Dalal Street was headed for a positive start on Monday.
Tech View: Nifty sees resistance at highs
Nifty50 on Friday formed an indecisive formation on the daily chart for the second straight session, but ended up making a bullish candle on the weekly chart. Analysts said the index is finding resistance at highs and that follow-up buying is missing. Indecisive formations on a daily chart are suggesting that the index is in the process of chalking out a consolidation range in the 17,944-17,655 band, analysts said.
Asia shares subdued before US inflation test
Asian share markets were muted on Monday as investors count down to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve, lifting bond yields and punishing tech stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat, while South Korea lost 0.7 per cent. Japan’s Nikkei held steady for now, after falling 1 per cent last week.
US stocks ended lower on Friday
US stocks closed lower on Friday with much of Wall Street anticipating that the Federal Reserve will raise interest rates as soon as March despite a mixed report on the US jobs market. The Dow Jones Industrial Average index slipped 4.81 points, or less than 0.1%, at 36,231.66. The Nasdaq Composite index fell 144.96 points, or 1%, to 14,935.90. The S&P500 index fell 0.4%,
Rupee gains 8 paise to close at 74.34 against dollar
The Indian rupee eked out 8 paise gains to close at 74.34 against the US dollar on Friday, helped by weaker greenback against key rivals and positive domestic equities. At the interbank forex market, the local unit opened at 74.41 against the greenback and witnessed an intra-day high of 74.25 and finally ended the day at 74.34, registering a gain of 8 paise from its previous close of 74.42.
Sensex, Nifty on Friday
The Sensex and Nifty found firmer ground on Friday as investors accumulated energy, infra and IT stocks amid a mixed trend in overseas markets. Clawing back some lost ground after the previous session’s heavy sell-off, the 30-share BSE Sensex ended 142.81 points or 0.24 per cent higher at 59,744.65. Similarly, the broader NSE Nifty rose 66.80 points or 0.38 per cent to close at 17,812.70.