GIFT Nifty flat: Asian markets, crude oil prices, Q3 results, dollar movement & more

Domestic stock indices may open on a flattish note on Friday despite a slew of positive global cues. Asian markets posted big gains in the early trade while US stocks close higher overnight after strong earnings from mega caps. Back home, traders were awaiting key Q3 earnings. Here's what all you know to know before the opening bell:

Nifty outlook
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said Nifty formed a small negative candle on the daily chart. There was a lack of direction following Thursday's budget. Nifty continues to face stiff resistance around 21,750-21,800 levels, he said.

"A rising wedge type pattern was formed on the daily chart and the previous significant opening downside gap remains intact and the lower end of the gap around 21,850 is offering strong resistance for the market as of now. Hence, a decisive move above 21,850 and below 21,550 levels could trigger fresh movement for the market ahead," he added.

Nifty Bank outlook
Nifty Bank witnessed continuation of the positive momentum. It held on the crucial support zone of 45,660-45,700 where the hourly moving averages were placed and resumed its upmove, said Jatin Gedia, Technical Research Analyst at Sharekhan. "We believe that the Nifty Ban is likely to move higher towards 46,570-46,800 from a short-term perspective," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 3 points, or 0.01 per cent, higher at 21,908.50, hinting at a flattish start for the domestic market on Friday.

Asian shares rally in early trade
Asian shares were buoyed by a late bounce in US tech on Friday as results from Meta and Amazon beat expectations. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.24 per cent. Japan's Nikkei added 0.15 per cent; China's Shanghai rose 0.05 per cent; Hong Kong's Hang Seng ralled 1.52 per cent; South Korea's KOSPI soared 2.11 per cent.

Oil prices up amid output cuts
Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Brent crude futures rose 50 cents, or 0.6 per cent, to $79.20 a barrel at 0155 GMT, while US West Texas Intermediate crude futures gained 40 cents, or 0.5 per cent, to $74.22 a barrel.

Dollar poised for weekly decline
The dollar fell broadly on Friday in a bout of positive risk sentiment following upbeat big tech earnings on Wall Street, while traders awaited US jobs data due later in the day to gauge how soon the Federal Reserve could begin easing rates. The dollar index was last at 103.02. The yen gained 0.1 per cent to last stand at 146.29 per dollar. The euro edged 0.07 per cent higher to $1.0879. Elsewhere, sterling rose 0.09 per cent to $1.2754.

Wall Street shares end higher
US stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and Friday's employment report a day after the Federal Reserve quashed lingering bets that interest rate cuts could begin as early as March. The S&P 500 climbed 1.25 per cent to end the session at 4,906.19 points. The Nasdaq gained 1.30 per cent to 15,361.64 points, while the Dow Jones Industrial Average rose 0.97 per cent to 38,519.84 points.

Q3 results today
Tata Motors, InterGlobe Aviations, Torrent Pharmaceuticals, Bank of India, JSW Infrastructure, UPL, LIC Housing Finance, Delhivery, Sundram Fastners, Devyani International, Century Plyboard (India), Whirlpool of India, Century Textiles & Industries, Singatureglobal (India), Titagarh Rail Systems and Bikaji Foods International are among the companies that will announced their results for the December 2023 quarter today.

Stocks in F&O ban
Four stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, February 2. The new entrants- India Cements and Indus Towers will join the existing retention Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL) in the list. 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 1,880 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,879.58 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 872.49 crore.

Rupee rises 6 paise against dollar
The rupee appreciated by 6 paise to close at 82.98 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25. However, a strong greenback against major rivals overseas and subdued domestic equity markets restricted the sharp gain in the domestic unit, forex traders said.

The rupee extended gains and ended higher below the crucial 83 mark amid profit taking in the US bond yields and weakness in global crude oil prices, said Rahul Kalantri, VP Commodities, Mehta Equities. "However, Red Sea crisis and steady dollar index limited the gains of the rupee, with the pair likely to trade in the range of 82.70-83.50 levels," he said.


Note: With inputs from PTI, Reuters and other agencies

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