GIFT Nifty down 2 points: Asian markets, crude oil prices, dollar movement, Q1 results & more
Nifty futures on the Nifty International Exchange traded 1.5 points, or 0.01 per cent, lower at 19,802, hinting at a flattish start for the domestic market on Wednesday.
- Jul 19, 2023,
- Updated Jul 19, 2023 7:59 AM IST
Domestic stock indices are likely to open flat on Wednesday, tracking muted global cues. Asian stocks were mixed even as US stocks settled higher overnight. Traders will be keenly looking at the next batch of corporate earnings. Here's what you should know before the Opening Bell:Nifty outlook Nifty has been gaining strength after breaking above the 19,300-19,600. It is rising along the expanding upper Bollinger band, which suggests the positive momentum is likely to sustain, said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. "Considering the sharp runup, there can be consolidation. However, the overall trend is positive. A dip should be bought into. On the upside, the short-term target is placed at 19,900. In terms of levels, 19,630-19,580 shall act as a crucial support zone," he said.GIFT Nifty signals a muted start Nifty futures on the Nifty International Exchange traded 1.5 points, or 0.01 per cent, lower at 19,802, hinting at a flattish start for the domestic market on Wednesday.Asian stocks mixed in early trade Asian shares were mixed in the early trading session despite the overnight rise in US stocks. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.47 per cent. Japan's Nikkei gained 1.04 per cent; China's Shanghai Composite was flat; Hong Kong's Hang Seng tanked 1.52 per cent and South Korea's Kospi added 0.04 per cent.Oil prices nudge higher Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly US crude oil inventories. Brent futures rose 9 cents, or 0.1 per cent, to $79.72 a barrel, while US West Texas Intermediate (WTI) crude was steady at $75.75 per barrel.Dollar index recovers, still below 100
The US dollar managed to nudge up after a mixed retail sales report overnight, with sales growth missing forecasts in June but consumers boosted or maintained spending elsewhere, pointing to consumer resilience that is likely to keep the economy on a solid growth path. The US dollar rebounded from a 15-month low hit in the previous session, with its index steadying at 99.943 in early Asia trade. The euro was last steady at $1.1230, away from the previous session's 17-month peak of $1.1276. Sterling bought $1.3035, ahead of UK inflation data due later on Wednesday. Elsewhere, the Japanese yen fell marginally to 138.88 per dollar.Bank results lift US stocks US stocks advanced on Tuesday, partly boosted by a round of solid bank earnings which helped put the Dow on track for its longest streak of daily gains in more than two years. The Dow Jones Industrial Average rose 366.58 points, or 1.06 per cent, to 34,951.93, the S&P 500 gained 32.19 points, or 0.71 per cent, at 4,554.98 and the Nasdaq Composite added 108.69 points, or 0.76 per cent, at 14,353.64.Q1 results today Tata Communications, L&T Finance Holdings, Bank of Maharashtra, Hatsun Agro Products, Finolex Industries, Can Fin Homes, Century Textiles & Industries, Alok Industries, Mastek, Jubilant Pharmova, Newgen Software Technologies and Tata Coffee are among the companies that will announce their earnings for the June 2023 quarter during the day.Stocks in F&O ban Four stocks - Delta Corp, Manappuram Finance, Indiabulls Housing Finance, and RBL Bank- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, July 19. 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 2,116 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,115.84 crore on Tuesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,317.56 crore.Rupee slips 1 paise against dollar The rupee consolidated in a narrow range and settled one paisa lower at 82.04 against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices. Market participants remained cautious ahead of retail sales data from the US and the UK's inflation data this week, forex traders said. Note: With inputs from PTI, Reuters and other agencies
Domestic stock indices are likely to open flat on Wednesday, tracking muted global cues. Asian stocks were mixed even as US stocks settled higher overnight. Traders will be keenly looking at the next batch of corporate earnings. Here's what you should know before the Opening Bell:Nifty outlook Nifty has been gaining strength after breaking above the 19,300-19,600. It is rising along the expanding upper Bollinger band, which suggests the positive momentum is likely to sustain, said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. "Considering the sharp runup, there can be consolidation. However, the overall trend is positive. A dip should be bought into. On the upside, the short-term target is placed at 19,900. In terms of levels, 19,630-19,580 shall act as a crucial support zone," he said.GIFT Nifty signals a muted start Nifty futures on the Nifty International Exchange traded 1.5 points, or 0.01 per cent, lower at 19,802, hinting at a flattish start for the domestic market on Wednesday.Asian stocks mixed in early trade Asian shares were mixed in the early trading session despite the overnight rise in US stocks. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.47 per cent. Japan's Nikkei gained 1.04 per cent; China's Shanghai Composite was flat; Hong Kong's Hang Seng tanked 1.52 per cent and South Korea's Kospi added 0.04 per cent.Oil prices nudge higher Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly US crude oil inventories. Brent futures rose 9 cents, or 0.1 per cent, to $79.72 a barrel, while US West Texas Intermediate (WTI) crude was steady at $75.75 per barrel.Dollar index recovers, still below 100
The US dollar managed to nudge up after a mixed retail sales report overnight, with sales growth missing forecasts in June but consumers boosted or maintained spending elsewhere, pointing to consumer resilience that is likely to keep the economy on a solid growth path. The US dollar rebounded from a 15-month low hit in the previous session, with its index steadying at 99.943 in early Asia trade. The euro was last steady at $1.1230, away from the previous session's 17-month peak of $1.1276. Sterling bought $1.3035, ahead of UK inflation data due later on Wednesday. Elsewhere, the Japanese yen fell marginally to 138.88 per dollar.Bank results lift US stocks US stocks advanced on Tuesday, partly boosted by a round of solid bank earnings which helped put the Dow on track for its longest streak of daily gains in more than two years. The Dow Jones Industrial Average rose 366.58 points, or 1.06 per cent, to 34,951.93, the S&P 500 gained 32.19 points, or 0.71 per cent, at 4,554.98 and the Nasdaq Composite added 108.69 points, or 0.76 per cent, at 14,353.64.Q1 results today Tata Communications, L&T Finance Holdings, Bank of Maharashtra, Hatsun Agro Products, Finolex Industries, Can Fin Homes, Century Textiles & Industries, Alok Industries, Mastek, Jubilant Pharmova, Newgen Software Technologies and Tata Coffee are among the companies that will announce their earnings for the June 2023 quarter during the day.Stocks in F&O ban Four stocks - Delta Corp, Manappuram Finance, Indiabulls Housing Finance, and RBL Bank- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, July 19. 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 2,116 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,115.84 crore on Tuesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 1,317.56 crore.Rupee slips 1 paise against dollar The rupee consolidated in a narrow range and settled one paisa lower at 82.04 against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices. Market participants remained cautious ahead of retail sales data from the US and the UK's inflation data this week, forex traders said. Note: With inputs from PTI, Reuters and other agencies