SGX Nifty down 145 points; here's what changed for market while you were sleeping

The domestic equity market was set for a gap-down start on Wednesday, tracking negative sentiments in global markets. Asian peers fell sharply in early trade, whereas US stocks dropped in overnight trade. The Federal Reserve's aggressive stance and hawkish commentary spooked traders. Back home, all eyes will be set on RBI's monetary policy meeting which kicks off Wednesday. Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 143.5 points, or 0.80 per cent, lower at 17,877.50, signaling that Dalal Street was headed for a negative start on Wednesday.

• Tech View: Nifty50 on Tuesday formed a small bearish candle on the daily scale after seeing pressure near 18,100 level. The NSE barometer negated a higher high after five sessions and looks likely to consolidate for some time in a broad 17,800-18,200 range, before heading upward, said analysts.
• India VIX: The fear gauge spiked more than 3 per cent to 18.49 level on Tuesday over its close at 17.91 on Monday.

Asian shares bleed in early trade
Asian shares opened lower on Wednesday, extending US falls as investors awaited minutes from a US Federal Reserve meeting for clues over future monetary policy. MSCI's index of Asia-Pacific shares outside Japan was down by 1.30 per cent.

• Japan's Nikkei tumbled 2.09%
• South Korea's Kospi dropped 0.93%
• Australia's ASX 200 declined 0.76%
• China's Shanghai retreated 0.18%
• Hong Kong's Hang Seng plunged 2.02%

US stocks settle lower
Wall Street's main indexes fell on Tuesday, dragged by weakness in tech and other growth stocks, after comments from Federal Reserve Governor Lael Brainard spooked investors about potential aggressive actions by the central bank to control inflation.

• Dow Jones dropped 0.80% at 34,641.18
• S&P 500 slumped 1.26% to 4,525.12
• Nasdaq plunged 2.26% to 14,204.17

Dollar rises to 2-year highs
The dollar edged up to its highest level in nearly two years on Wednesday after jumping overnight on more hawkish comments from a Federal Reserve official, while the euro was hurt by the prospect of new Western sanctions on Russia.

• Dollar Index moved up to 99.620
• Euro dropped down to $1.0894
• Pound declined to $1.30655
• Yen was dropped to 123.94 per dollar
• Yuan exchanged hands at 6.3749 against the greenback

Oil extends losses
Oil futures slid on Wednesday, extending losses from the previous day, as a stronger US dollar prompted fresh selling while data showing a build in U.S. crude stocks and Shanghai's extended lockdown fuelled fears of slower demand.

Brent crude futures fell 97 cents, or 0.9 per cent, to $105.67 a barrel, while US West Texas Intermediate futures were down 98 cents, or 1.0 per cent, to $100.98 a barrel at 0029 GMT.

FIIs buy shares worth Rs 375 cr
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 374.89 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 105.42 crore, data suggests.

MONEY MARKETS
Rupee: Rising for the third straight session, the rupee climbed 24 paise to close at 75.29 against the US dollar on Tuesday amid persistent foreign fund inflows and weakening of the American currency overseas.

10-year bonds: India 10-year bond was flat, inching up merely by 0.01 per cent to 6.90 after trading in 6.89 - 6.92 range on Tuesday.

Call rates: The overnight call money rate weighted average stood at 3.25 per cent on Tuesday, according to RBI data. It moved in a range of 2.20-3.40 per cent.