GIFT Nifty down 14 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices may open flat but may soon catch up with a recovery global markets as stability emerges in US bond yields. Asian stocks rallied in the early trade while US stocks gained overnight. Back home, traders will be looking at earnings from India Inc. Here's what you should know before the Opening Bell:

Nifty outlook
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said the larger degree of lower tops and bottoms continued in Nifty as per daily timeframe chart. "A long bear candle was formed on the daily chart, which indicates a sharp break down in the market. Nifty has broken below the immediate support of 19,480 and 19,330 levels in one session. The weekly crucial support of 20 week EMA has been broken on the lower side at 19,340 levels as per intra-week," he added, expecting more weakness in the index.

Nifty Bank outlook
VLA Ambala of Stock Markets Today said that Nifty Bank formed a bearish candlestick on the daily time frame and traded below its 250-day EMA. "The nearest support levels for Bank Nifty are at 42980-42850, while major resistance levels for intraday trading are at 43,520-43,760, considering its overall movement," she said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 13.50 points, or 0.07 per cent, lower at 19,310.50, hinting at a flattish start for the domestic market on Wednesday.

Asia shares rally at open
China led Asia's stock markets higher on Wednesday as investors cheered the approval of a trillion-yuan sovereign bond issue as a harbinger of stimulus, while the Aussie dollar hit a two-week high as hotter-than-expected inflation lifted rate forecasts. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.09 per cent. Japan's Nikkei surged 1.27 per cent; Australia's ASX 200 added 0.04 per cent; New Zealand's DJ shed 0.28 per cent; China's Shanghai gained 0.73 per cent; Hong Kong's Hang Seng rallied 2.32 per cent; South Korea's Kospi fell 0.24 per cent.

Oil price flat on weak demand outlook
Oil prices were nearly flat on Wednesday as signs of tighter US supplies countered economic data that dampened the outlook for energy demand. Brent crude futures edged higher 2 cents to $88.09 a barrel as of 0003 GMT, while US West Texas Intermediate crude futures dipped 5 cents to $83.69 a barrel. The benchmark prices have fallen in each of the previous three sessions.

Dollar appreciates on upbeat data
The dollar was on the front foot on Wednesday, drawing support from yet another resilient US economic data reading, while the euro struggled to make headway on the back of a darkening growth outlook in the bloc. The single currency's slide lifted the dollar index and it last steadied at 106.23. Against the dollar, the euro was last 0.05 per cent higher at $1.0595. The Japanese currency was last at 149.86 per dollar, while the sterling rose 0.04 per cent to $1.2165.

US stock settled higher
Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally. All three major US stock indexes advanced, with interest rate sensitive megacaps providing much of the upside lift as benchmark Treasury yields held steady. The Dow Jones Industrial Average rose 204.97 points, or 0.62 per cent, to 33,141.38, the S&P 500 gained 30.64 points, or 0.73 per cent, to 4,247.68 and the Nasdaq Composite added 121.55 points, or 0.93 per cent, to 13,139.88.

Q2 results today
Axis Bank, Tech Mahindra, Indus Towers, Jubilant Foodworks, Sona BLW Precision Forgings, Lakshmi Machine Works, Welspun India, Chalet Hotels, Chennai Petroleum Corporation, TV18 Broadcast, Network18 Media & Investments, CMS Info Systems and Share India Securities are among the companies which announced their earnings for the quarter ended on September 2023.

Blue Jet Healthcare IPO opens today
The IPO on Blue Jet Healthcare will open for bidding on Wednesday, October 25 and can be subscribed till Friday, October 27. The pharma company is selling its shares in the range of Rs 329-346 per share with a lot size of 43 shares. The IPO of Blue Jet Healthcare is entirely an offer-for-sale (OFS) of up 24,285,160 equity shares to raise Rs 840.27 crore. Incorporated in 1968, Maharashtra-based Blue Jet Healthcare is a pharma and healthcare ingredient player.

Stocks in F&O ban list
One one stock- RBL Bank- has been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, October 25. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs buy shares worth Rs 252 crore
Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of Rs 252.25 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,111.84 crore.

Rupee falls 4 paise against dollar
The rupee dropped 4 paise to 83.16 against the US dollar on Monday due to sharp losses in local stocks and US bond yields surging to 5 per cent. Easing crude oil prices and a flat greenback in the overseas markets helped cap the rupee’s fall, forex dealers said.

Note: With inputs from PTI, Reuters and other agencies

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