GIFT Nifty down 13 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices are likely to open lower on Thursday amid global cues and ahead of the RBI's monetary policy later in the day. Asian stocks were down in early trade, tracking an overnight fall in US stocks. Concerns over global economic health continue to weigh on sentiment. At home, investors would keenly follow quarterly earnings of LIC, Hero MotoCorp and Apollo Tyres. Here's what you should know before the Opening Bell:

Nifty outlook

Nifty is in the process of retracing the entire fall it witnessed from 19,992-19,296. It is trading in the 19,600-19,650 zone where resistance in the form of 20-day moving average is placed. Crucial Fibonacci retracement levels are placed at 19,648-19,729 where we can expect the selling pressure to emerge, said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

"The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels. The momentum setup on the daily and hourly time frame charts are providing divergent signals ,which can lead to a consolidation in the short term," he said.

GIFT Nifty signals a negative start

Nifty futures on the Nifty International Exchange traded 13 points, or 0.07 per cent, lower at 19,599, hinting at a negative start for the domestic market on Thursday.

Asian stocks fall in early trade

Asian shares dropped on Thursday amid lingering concern over China's slide into deflation and caution ahead of US inflation data. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.24 per cent. Japan's Nikkei gained 0.30 per cent; Australia's ASX 200 shed 0.01 per cent; New Zealand's DJ tanked 0.78 per cent; China's Shanghai rose 0.38 per cent; Hong Kong's Hang Seng shed 0.36 per cent and South Korea's Kospi fell 0.18 per cent.

Oil prices fall on China growth concerns

Oil prices fell in early Asian trade on Thursday as concerns about the Chinese economy offset the positive impact of steep drawdowns in US fuel stockpiles and Saudi and Russian output cuts. Brent crude fell 20 cents, or 0.2 per cent, to $87.35 a barrel by 0006 GMT, after settling at its highest since Jan. 27 in the previous session. West Texas Intermediate crude (WTI) fell 23 cents, or 0.3 per cent, to $84.17, after settling at its highest since November 2022.

Dollar index stays above 102 level

The dollar held near the centre of its range this week against a basket of major peers, as investors awaited key US inflation data later Thursday that could influence the path for Federal Reserve policy. The US dollar index was little changed at 102.50 in the Asian morning. The euro was about flat at $1.09695.  The dollar was little changed at 143.79 yen, while the Chinese yuan tacked on about 0.1 per cent to 7.2235 per dollar.

Wall Street stocks settle lower

US stocks closed lower on Wednesday, the day after a report showed Americans borrowed more than ever on their credit cards in the last quarter, and a day ahead of US Consumer Price Index (CPI) inflation data that could influence Federal Reserve interest rate decisions. The Dow Jones Industrial Average fell 191.13 points, or 0.54 per cent, to 35,123.36; the S&P 500 lost 31.67 points, or 0.70 per cent, to 4,467.71 and the Nasdaq Composite dropped 165.93 points, or 1.2 per cent, to 13,718.40.

Q1 results today

Life Insurance Corporation of India, Pidilite Industries, Grasim India, Samvardhana Motherson International, Hero MotoCorp, Alkem Laboratories, Page Industries, Container Corporation of India, Steel Authority of India (SAIL), Honeywell Automation, Mazagon Dock Shipbuilders, Biocon, Torrent Power, 3M India, Apollo Tyres, Global Health and Ipca Laboratories are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban

Five stocks- Chambal Fertilisers & Chemicals, Delta Corp, Balrampur Chini Mills, Indiabulls Housing Finance and Hindustan Copper- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 10. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs buy shares worth Rs 644 crore

Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 644.11 crore on Wednesday. Domestic institutional investors (DIIs) were net sellers of Indian equities to the tune of Rs 597.88 crore.

Rupee rises 6 paise against dollar

The rupee appreciated 6 paise to settle at 82.85 against the US dollar on Wednesday, supported by a weak American currency against major rivals overseas. However, foreign capital outflows and surging crude prices in the international markets capped the positive bias in the rupee, forex analysts said.

 

Note: With inputs from PTI, Reuters and other agencies

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