GIFT Nifty down 19 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices may see a tepid start to Tuesday’s session amid a lack of directional cues. US stocks settled higher overnight while Asian stock indices were firm in the early morning. All eyes will be on Nifty constituents such as Asian Paints, Bajaj Auto, Tata Motors and Larsen & Toubro, which will announce their Q1 results today. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty is facing a strong resistance at 19,800 level, where aggressive Call writing is observed. This resistance zone has become a significant hurdle for the bulls, said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. "If the index sustains below the 19,700 level, it may lead to further downside towards the support zone of 19,600-19,550. Traders should stay cautious," he said.

GIFT Nifty signals a negative start
Nifty futures on the Nifty International Exchange traded 18.50 points, or 0.09 per cent, lower at 19,719.50, hinting at a negative start for the domestic market on Tuesday.

Asian stocks up in early trade
Asian shares opened mostly higher on Tuesday after a sharp rise in the US stocks overnight. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.23 per cent. Australia's ASX 200 gained 0.28 per cent; China's Shanghai soared 1.57 per cent up; Hong Kong's Hang Seng surged 3.12 per cent and South Korea's Kospi gained 0.21 per cent. Japan's Nikkei, meanwhile, shed 0.27 per cent.

Oil prices edge higher
Oil prices edged higher on Tuesday, extending gains from the previous session, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Brent futures gained 7 cents at $82.81 a barrel at 00:07 GMT, while US West Texas Intermediate crude rose 11 cents at $78.85.

Dollar gains, euro his 2-week low
The euro hit a two-week low on Tuesday as a worsening downturn in euro zone business muddied the bloc's rate outlook against a still-hawkish European Central Bank (ECB), while the dollar rose ahead of this week's trio of major central bank meetings. The dollar index steadied at 101.39. The euro was shaky at $1.1063, up just 0.02 per cent, while sterling fell 0.11 per cent to $1.2811. The yen remained under pressure at 141.43 per dollar.

US stocks settled higher
 The Dow Jones Industrial Average led Wall Street higher on Monday and notched its longest winning streak in six years as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting. The Dow Jones Industrial Average rose 183.55 points, or 0.52 per cent, to 35,411.24, the S&P 500 gained 18.3 points, or 0.40 per cent, to 4,554.64 and the Nasdaq Composite added 26.06 points, or 0.19 per cent, to 14,058.87.

Q1 results today
Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto, SBI Life Insurance, Jubilant Foodworks, KPIT Technology, Suzlon Energy, Dixon Technologies (India), Cyient, Hitachi Energy India, UTI Asset Management Company, Ceat, Sundaram Clayton, Jyothi Labs, Mahindra Holidays & Resorts and Delta Corp are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban
Five stocks - Canara Bank, RBL Bank, Punjab National Bank, Delta Corp and Indiabulls Housing Finance- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, July 25. 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 dump shares worth Rs 83 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 82.96 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 934.87 crore.

Rupee rises 17 paise against dollar
The rupee appreciated by 17 paise to close at 81.81 against the US dollar on Monday as a sharp jump in India’s forex reserves boosted investor sentiment. At the interbank foreign exchange market, the local unit opened at 82 against the US dollar and moved in a range of 81.81 to 82.04 in day trade.

Note: With inputs from PTI, Reuters and other agencies

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