SGX Nifty down 86 points: Asian markets, dollar movement, US stocks, Q4 earnings & more

Domestic stocks are likely to open lower on Wednesday, thanks to weak global cues. Asian stocks were trading sharply lower on overnight selloff on Wall Street. The outcome of US Federal Reserve's monetary policy will likely dictate global sentiment. At home, Q4 numbers will trigger stock-specific actions. Here's what you should know before the opening bell: Nifty outlook Nifty is about to enter a crucial cluster of 18,200-18,500 levels, said Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One. "However, traders should avoid being complacent here, because surpassing 18,200-18,250 would be a daunting task for the bulls. Some profit booking or a time consolidation cannot be ruled out, before unfolding the next leg of the rally," he said. SGX Nifty signals a negative start Nifty futures on the Singapore Exchange traded 86 points, or 0.47 per cent, lower at 18,134.50, hinting at a negative start for the domestic market on Wednesday. Asian shares mixed in early trade Major Asian stocks opened sharply lower on Wednesday, as shares in regional US banks got clobbered, setting a gloomy and defensive tone for Asian markets ahead of the Federal Reserve's latest interest rate decision. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.69 per cent. Japan's Nikkei added 0.12 per cent; China's Shanghai index surged 1.55 per cent; Hong Kong's Hang Seng tumbled 1.46 per cent and Korea's Kospi declined 0.71 per cent. Oil prices extend slide Oil prices extended losses on Wednesday, after slumping about 5 per cent to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand. Brent futures fell 13 cents, or 0.2 per cent, to $75.19 a barrel by 0015 GMT, while West Texas Intermediate crude (WTI) also fell 13 cents, or 0.2 per cent, to $71.53. Wall Street stocks settle lower Wall Street stock indices closed lower on Tuesday, a day ahead of the Federal Reserve's interest rate decision, while US Treasury yields fell as investors worried the government could run out of cash after June 1 without a debt ceiling hike. The Dow Jones Industrial Average fell 367.17 points, or 1.08 per cent, to 33,684.53, the S&P 500 lost 48.29 points, or 1.16 per cent, to 4,119.58 and the Nasdaq Composite dropped 132.09 points, or 1.08 per cent, to 12,080.51. Q4 earnings today Titan Company, Havells India, ABB India, Cholamandalam Investment & Finance Company, Adani Wilmar, MRF, Godrej Properties, Petronet LNG, Solar Industries India, Sona BLW Precision Forgings, Tata Chemicals, KPR Mills, KEC International, Anupam Rasayan India, Sonata Software, SIS and Jyothi Labs are among the companies that will announce their earnings for the March 2023 quarter. Stocks in F&O ban Since new series, May, kicks off from Wednesday, May 03. Thus, no stocks have been put under the ban by the National Stock Exchange (NSE). Derivative contracts in a security are banned when it crosses 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 1,997 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,997.35 crore on Tuesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 394.05 crore. Rupee falls 5 paise against dollar The rupee consolidated in a narrow range and settled 5 paise lower at 81.87 against the American currency on Tuesday as investors preferred to stay on the sidelines ahead of the US Fed meeting outcome. A strong dollar overseas against major rivals also impacted market sentiment, traders said. Note: With inputs from PTI, Reuters and other agencies

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