GIFT Nifty up 26 points: Asian markets, crude oil prices, dollar movement, Q1 results & more
Nifty futures on the Nifty International Exchange traded 25.5 points, or 0.13 per cent, higher at 19,526, hinting at a positive start for the domestic market on Thursday.
- Aug 3, 2023,
- Updated Aug 3, 2023 8:32 AM IST
Domestic equity indices are likely open higher on Thursday after Morgan Stanley upgraded India stocks to ‘overweight’. Asian stocks fell in early trade while US stocks settled with big cuts overnight as investors there digested Fitch's downgrade of US credit rating. Back home, Q1 earnings of companies like Bharti Airtel, Adani Enterprises and Sun Pharmaceuticals will sway the market sentiment. Here's what you should know before the opening bell:Nifty outlook Nifty closed below the 20-day exponential moving average (DEMA) of 19,562 for the first time since March 31. The FPIs liquidated their long positions for the fifth consecutive trading session and the long short ratio has now fallen from 73 per cent on July 6 to 51 per cent on August 1, said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities. "Nifty fell sharply on account of Put writers exiting from the strikes of 19,500, 19,600 and 19,700. The resistance for Nifty has shifted to 19,600 on the back of strong Call writing. A close below Wednesday’s low of 19,424 can lead to more long liquidation and initiation of fresh shorts," he added.GIFT Nifty signals a positive start Nifty futures on the Nifty International Exchange traded 25.5 points, or 0.13 per cent, higher at 19,526, hinting at a positive start for the domestic market on Thursday.Asian stocks open down Asian shares were subdued on Thursday after Fitch downgraded US sovereign debt sparking profit-taking, with investors now shifting focus to Bank of England's rate decision and earnings from Apple and Amazon. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent. Japan's Nikkei tanked 1.42 per cent; China's Shanghai shed 0.09 per cent; Hong Kong's Hang Seng fell 0.19 per cent and South Korea's Kospi tumbled 0.63 per cent.Oil prices rise marginally Oil prices were marginally higher as markets weighed bullish US inventory data and a likely extension of OPEC+ output cuts. Brent crude futures were up 0.2 per cent at $83.33 per barrel and US West Texas Intermediate crude futures rose 0.1 per cent to $79.6.Dollar at four-week high
The dollar was perched near a four-week high on Thursday, shrugging off a US credit rating downgrade that cast doubt on the country's fiscal outlook, and instead got a leg up from strong private payrolls data. The dollar index was last at 102.56. The euro gained 0.06 per cent to $1.0944, recouping some of its losses from the previous session. The sterling added 0.02 per cent to $1.2714 ahead of the Bank of England's monetary policy decision. The yen edged marginally higher to 143.31 per dollar.US stocks settle sharply lower Wall Street finished lower on Wednesday, with the S&P 500 and Nasdaq Composite down for a second straight day as investors take profits on five months of gains a day after rating agency Fitch cut the US government's credit rating. The Dow Jones Industrial Average fell 348.16 points, or 0.98 per cent, to 35,282.52, the S&P 500 lost 63.34 points, or 1.38 per cent, to 4,513.39 and the Nasdaq Composite dropped 310.47 points, or 2.17 per cent, to 13,973.45.Q1 results today Bharti Airtel, Adani Enterprises, Sun Pharmaceuticals, Varun Beverages, Adani Power, Dabur India, Eicher Motors, Zomato, Tube Investments, Cummins, Lupin, MRF, Solar industries India, Deepak Nitrite, Kansai Nerolac Paints, LIC Housing Finance, Radico Khaitan, KEC International, Piramal Pharma and Blue Star are among the companies that will announce their earnings for the June 2023 quarter during the day.SFBC Finance IPO to kicks off today The initial public offering (IPO) of SBFC Finance will open for subscription today as the company intends to raise Rs 1,025 crore via primary route by selling its shares in the range of Rs 54-57 apiece, with a lot size of 260 shares. The issue is open for subscription till Monday, August 7. SBFC Finance is a shadow lender providing secured gold loans and MSME loans.Stocks in F&O ban Four stocks- Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Hindustan Copper, Piramal Enterprises and Indiabulls Housing Finance- has been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 3. 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 offload shares worth Rs 1,878 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,877.84 crore on Wednesday. Domestic institutional investors (DIIs) were net sellers of Indian equities to the tune of Rs 2.23 crore. Rupee crashes 45 paise against dollar The rupee recorded its steepest single-day fall in nearly six months on Wednesday, declining 45 paise to settle at 82.67 against the US dollar amid weak domestic equities and unabated foreign fund outflows. Rupee was trading in a negative note on risk aversion in global markets and weak Asian currencies. There was also downside pressure on the local unit due to strong dollar against major rivals overseas. Note: With inputs from PTI, Reuters and other agencies
Domestic equity indices are likely open higher on Thursday after Morgan Stanley upgraded India stocks to ‘overweight’. Asian stocks fell in early trade while US stocks settled with big cuts overnight as investors there digested Fitch's downgrade of US credit rating. Back home, Q1 earnings of companies like Bharti Airtel, Adani Enterprises and Sun Pharmaceuticals will sway the market sentiment. Here's what you should know before the opening bell:Nifty outlook Nifty closed below the 20-day exponential moving average (DEMA) of 19,562 for the first time since March 31. The FPIs liquidated their long positions for the fifth consecutive trading session and the long short ratio has now fallen from 73 per cent on July 6 to 51 per cent on August 1, said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities. "Nifty fell sharply on account of Put writers exiting from the strikes of 19,500, 19,600 and 19,700. The resistance for Nifty has shifted to 19,600 on the back of strong Call writing. A close below Wednesday’s low of 19,424 can lead to more long liquidation and initiation of fresh shorts," he added.GIFT Nifty signals a positive start Nifty futures on the Nifty International Exchange traded 25.5 points, or 0.13 per cent, higher at 19,526, hinting at a positive start for the domestic market on Thursday.Asian stocks open down Asian shares were subdued on Thursday after Fitch downgraded US sovereign debt sparking profit-taking, with investors now shifting focus to Bank of England's rate decision and earnings from Apple and Amazon. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent. Japan's Nikkei tanked 1.42 per cent; China's Shanghai shed 0.09 per cent; Hong Kong's Hang Seng fell 0.19 per cent and South Korea's Kospi tumbled 0.63 per cent.Oil prices rise marginally Oil prices were marginally higher as markets weighed bullish US inventory data and a likely extension of OPEC+ output cuts. Brent crude futures were up 0.2 per cent at $83.33 per barrel and US West Texas Intermediate crude futures rose 0.1 per cent to $79.6.Dollar at four-week high
The dollar was perched near a four-week high on Thursday, shrugging off a US credit rating downgrade that cast doubt on the country's fiscal outlook, and instead got a leg up from strong private payrolls data. The dollar index was last at 102.56. The euro gained 0.06 per cent to $1.0944, recouping some of its losses from the previous session. The sterling added 0.02 per cent to $1.2714 ahead of the Bank of England's monetary policy decision. The yen edged marginally higher to 143.31 per dollar.US stocks settle sharply lower Wall Street finished lower on Wednesday, with the S&P 500 and Nasdaq Composite down for a second straight day as investors take profits on five months of gains a day after rating agency Fitch cut the US government's credit rating. The Dow Jones Industrial Average fell 348.16 points, or 0.98 per cent, to 35,282.52, the S&P 500 lost 63.34 points, or 1.38 per cent, to 4,513.39 and the Nasdaq Composite dropped 310.47 points, or 2.17 per cent, to 13,973.45.Q1 results today Bharti Airtel, Adani Enterprises, Sun Pharmaceuticals, Varun Beverages, Adani Power, Dabur India, Eicher Motors, Zomato, Tube Investments, Cummins, Lupin, MRF, Solar industries India, Deepak Nitrite, Kansai Nerolac Paints, LIC Housing Finance, Radico Khaitan, KEC International, Piramal Pharma and Blue Star are among the companies that will announce their earnings for the June 2023 quarter during the day.SFBC Finance IPO to kicks off today The initial public offering (IPO) of SBFC Finance will open for subscription today as the company intends to raise Rs 1,025 crore via primary route by selling its shares in the range of Rs 54-57 apiece, with a lot size of 260 shares. The issue is open for subscription till Monday, August 7. SBFC Finance is a shadow lender providing secured gold loans and MSME loans.Stocks in F&O ban Four stocks- Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Hindustan Copper, Piramal Enterprises and Indiabulls Housing Finance- has been put under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, August 3. 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 offload shares worth Rs 1,878 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,877.84 crore on Wednesday. Domestic institutional investors (DIIs) were net sellers of Indian equities to the tune of Rs 2.23 crore. Rupee crashes 45 paise against dollar The rupee recorded its steepest single-day fall in nearly six months on Wednesday, declining 45 paise to settle at 82.67 against the US dollar amid weak domestic equities and unabated foreign fund outflows. Rupee was trading in a negative note on risk aversion in global markets and weak Asian currencies. There was also downside pressure on the local unit due to strong dollar against major rivals overseas. Note: With inputs from PTI, Reuters and other agencies