Stock Market Today: SGX Nifty drops over 100 points; Asian markets off to weak start

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Oil skids on concerns of rising surplus in Q1

Oil prices slid more than 1% on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States. Brent crude futures extended declines for a third session, falling 96 cents, or 1.2%, to $81.26 a barrel. US WTI crude was down $1.35, or 1.7%, at $77.04 a barrel.

SGX Nifty signals a weak start

Nifty futures on the Singapore Exchange traded 110 points, or 0.63 per cent, lower at 17,467.50, signaling that Dalal Street was headed for a weak start on Friday.

Tech View: Nifty support at 17, 350 level

Nifty50 on Thursday reclaimed 17,500 and, in the process, formed a small bullish candle on the daily chart. It, however, remained below its 5-day exponential moving average. The index can face immediate hurdle at 17,600, said analysts, who believe that the immediate support is placed at 17, 350 level.

Hong Kong stocks start with losses

Hong Kong stocks opened sharply lower on Friday morning, in line with a sell-off across Asia following the discovery of a new virus variant that has several mutations and has fanned fears it could spread globally. The Hang Seng Index sank 0.96 percent, or 237.48 points, to 24,502.68. The Shanghai Composite Index eased 0.23 percent, or 8.07 points, to 3,576.11.

Japan stocks open lower

Tokyo stocks opened lower on Friday with few fresh cues after US markets closed for the Thanksgiving holiday. The benchmark Nikkei 225 index was down 0.65 percent or 192.20 points at 29,307.08 in early trade, while the broader Topix index slipped 0.60 percent or 12.25 points to 2,013.44.

S&P500, Dow Jones futures drop up to 0.7%

S&P500 futures fell 0.6 per cent while Dow Jones futures were down 0.7 per cent. US markets were closed for the Thanksgiving holiday. They reopen Friday for a shortened trading session. Fed officials at their October policy meeting said they “would not hesitate” to respond to inflation, according to notes released Wednesday. They foresaw the possibility of raising rates “sooner than participants currently anticipated.”

Rupee declines 12 paise to 74.52 against dollar

The rupee declined by 12 paise to close at 74.52 against the US currency on Thursday amid month-end dollar demand and foreign fund outflows from equity and debt markets. At the interbank foreign exchange market, the local currency opened at 74.55 and witnessed a high of 74.47 and a low of 74.58 against the US dollar.

Sensex, Nifty on Thursday

Equity benchmark Sensex overcame a wobbly start to close with smart gains on Thursday, propelled by hectic buying in index heavyweight Reliance Industries amid expiry of monthly derivative contracts. Reversing the previous session’s losses, the 30-share index ended 454.10 points or 0.78 per cent higher at 58,795.09. Similarly, the broader NSE Nifty surged 121.20 points or 0.70 per cent to close at 17,536.25.

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