Stock Market LIVE Updates: SGX Nifty signals a negative start; all eyes on Powell's speech

Nifty futures on Singapore Exchange traded 15 points lower around 8 am, signalling a flat start for Dalal Street on Wednesday.

Asian stocks followed US equities lower as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell later Wednesday. Shares fell in Japan, South Korea and Australia while futures contracts for Hong Kong slid, indicating a pause in the optimism that drove a gauge of the region’s shares higher on Tuesday.

The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors also focused on recent protests against COVID-19 curbs in China, including at the world's biggest iPhone factory.

The U.S. dollar stuck close to a one-week high on Wednesday, holding on to gains from a three-day rally, as investors braced for comments from Federal Reserve Chair Jerome Powell later and a crucial monthly jobs report at the end of the week.The euro hovered near a one-week low after German and Spanish consumer price figures came in weaker than expected, triggering a lowering of rate hike bets for the European Central Bank and pointing a spotlight at euro zone inflation due later Wednesday.

Oil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains.

Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel.

Foreign portfolio investors (FPIs) on Tuesday net bought shares worth Rs 1,242 crore, provisional data showed. DIIs on the other hand, net sold shares to the tune of Rs 744 crore. In November so far, FPIs have net bought shares worth $3.5 billion, more than double of what they did in October.

Bharat Heavy Electricals, Delta Corp, Indiabulls Housing Finance, and Punjab National Bank. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

The Nifty advanced 55.30 points, or 0.3%, to a new record close of 18,618.05. The Nifty touched a new intraday high of 18,678.10, beating its previous record of 18,614.25 on Monday. The Sensex also closed at a record of 62,681.84, up 177.04 points, or 0.28%, from the previous close. It touched a new intraday high of 62,887.4 before paring some of the gains.

The Indian unit ended lower against the dollar onTuesday, paring all of the intraday gains. The rupee settled at 81.72 a dollar, against 81.67 on Monday. During the day, it had risen to a high of 81.56 against the greenback.

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