GIFT Nifty down 16 points: Asian markets, crude oil prices, Q3 results, dollar movement, & more

Domestic stock indices may open on a muted note on Friday  despite firm global cues. Asian stocks were off to a strong start on Friday, tracking an overnight rise in US stocks. The dollar remained firm, headed for another weekly gain. Crude oil prices nudged lower. Back home, traders will be looking at Q3 earnings of Reliance Industries Ltd, Hindustan Unilever Lt, UltraTech Cement Ltd and other largecap companies. Also, the IPO of EPACK Durables will open for bidding today. Here's what all you know to know before the opening bell:

Nifty outlook
The range of 21,500-21,430 range  is ‘make or break’ level for Nifty, said VLA Ambala, Co-Founder of Stock Market Today. "The cautious wind prevailing in the market could bring along plenty of dip buying opportunities in several stocks, which can be tapped by investors in the long-term. Buying may continue till the Nifty breakdown hits the 20,900-mark. Investors must remain cautious but also try to be open to tapping into lucrative opportunities that could reward them in the long term," she said.

Nifty Bank outlook
Nifty Bank has reached the 161.82 per cent Fibonacci extension level 45,768, which also coincides with the 20-week moving average ,making 45,800-45,600 a crucial support zone, said Jatin Gedia, Technical Research Analyst at Sharekhan. "Until this is not breached on the downside, we can expect the recovery to continue. On the upside, the pullback can come till 46,400-46,600," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 16 points, or 0.07 per cent, lower at 21,529, hinting at a negative start for the domestic market on Friday.

Asian shares rally at open
Asian stocks opened higher on Friday with markets across the region hoping to draw support from the strong rise on world markets the day before and end a torrid week on a high. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.94 per cent. Japan's Nikkei surged 1.49 per cent; Australia's ASX 200 jumped 0.84 per cent; New Zealand's DJ gained 0.62 per cent; China's Shanghai shed 0.30 per cent; Hong Kong's Hang Seng rose 0.55 per cent; South Korea's KOSPI rallied 1.08 per cent.

Oil prices drift lower
Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in US oil production from a cold blast were countered by concerns over slow demand growth in China. Brent crude futures fell 17 cents, or 0.2 per cent, to $78.93 a barrel by 0151 GMT, and US West Texas Intermediate crude futures (WTI) slid 3 cents to $74.05.

Dollar heads for second weekly gain
The dollar headed for a second weekly gain in a row on Friday on signs of resilience in the US economy and caution about rate cuts from central bankers. The dollar index is up 0.9 per cent to 103.4 on the week and at 148.12 yen the dollar is up almost 5 per cent on the Japanese currency this year. The euro fell 0.7 per cent for the week at $1.0878 and sterling down 0.3 per cent to $1.2708.

Wall Street shares settle higher
US stocks rallied on Thursday as robust labor market data offered the latest evidence of US economic strength despite the fact that it could prompt the Federal Reserve hold off on lowering its key policy rate. The Dow Jones Industrial Average rose 202.01 points, or 0.54 per cent, to 37,468.68, the S&P 500 gained 41.73 points, or 0.88 per cent, to 4,780.94 and the Nasdaq Composite added 200.03 points, or 1.35 per cent, to 15,055.65.

Q3 results today
Reliance Industries, Hindustan Unilever, UltraTech Cement, Hindustan Zinc, Tata Consumer Products, Supreme Industries, One97 Communications, Central Bank of India, CreditAccess Grameen, Hatsun Agro Products, Atul, CESC, RBNL Bank, Tejas Networks, Sunteck Realty and DCX Systems are among the companies that will announced their results for the December 2023 quarter today.

Epack Durables IPO opens today
The initial public offering (IPO) of EPACK Durable, an original design manufacturer (ODM) of room air conditioners (RAC), will launch for bidding on Friday, January 19. The company is selling its shares in the price band of Rs 218-230 apiece, with a lot size of 65 equity shares and its multiples. Bidding for the issue will conclude on Tuesday, January 23. The company is looking to raise a total of Rs 640 crore via IPO.

Stocks in F&O ban
A total of 13 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, January 19. The new addition namely- Balrampur Chini Mills- will join the existing retentions including Aditya Birla Fashion & Retail (ABFRL), Ashok Leyland, Bandhan Bank, Indian Energy Exchange (IEX), Steel Authority of India (SAIL), Delta Corp, Hindustan Copper, Metropolis Healthcare, National Aluminium Company (Nalco), Polycab India, PVR Inox and Zee Entertainment Enterprises (ZEEL). Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.

FPIs sell shares worth Rs 9,902 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 9,901.56 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 5,977.12 crore.

Rupee rise 1 paisa against dollar
The rupee inched up 1 paisa to settle at 83.13 against the US dollar on Thursday, tracking a weak American currency against major rivals overseas. A weak trend in domestic equity markets and rising crude oil prices kept the movement of the domestic currency restricted, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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