GIFT Nifty up 195 points: Asian markets, crude oil prices, Q3 results, dollar movement, & more

Domestic stock indices are likely to kick-off the truncated week on a strong gains on Tuesday, tracking positive global cues. Asian stocks were trading with big gains, as US stocks settled higher overnight. Back home, traders will react to Q3 numbers of India Inc, while shares of Medi Assist Healthcare will list today. The IPO of Nova AgriTech will also open for bidding today.  Here's what all you know to know before the Opening Bell:

Nifty outlook
VLA Ambala, founder at the Stock Market Today said that the current market situation is at a crucial juncture. The prevailing price zone is pivotal, serving as a potential turning point for market sentiment. The global markets are providing favorable support to the ongoing trend, she said.

"If Nifty manages to reclaim and sustain the 21,850 level, there is a likelihood of the new bullish trend persisting. Conversely, a bearish sentiment may emerge if the price fails to sustain above the 21,500-21,430 range. Nifty is currently trading in close proximity to its 20-day EMA, a critical threshold for many traders and investors," she added.

Nifty Bank outlook
Nifty Bank index displayed resilience by forming a higher low on the daily chart while maintaining the immediate support zone of 45,700-45,600, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

"To resume the uptrend, the index needs to overcome the immediate resistance at 46,300, a breakthrough that could trigger short-covering, propelling it towards 46,500-46,800 levels. However, a close below the crucial support of 45,600 might instigate a substantial downside correction towards 44,000, he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 195 points, or 0.90 per cent, higher at 21,784.50, hinting at a positive start for the domestic market on Tuesday.

Asian shares rally at open
Japanese shares surged to fresh 34-year high on Tuesday, hoping the Bank of Japan will not rock the boat by pivoting away from its super easy policy any time soon, while Chinese stocks recouped from early cuts following a brutal session. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.10 per cent. Japan's Nikkei surged 0.88 per cent; China's Shanghai Composite added 0.05 per cent; Hong Kong's Hang Seng zoomed 2.89 per cent; South Korea's KOSPI gained 0.51 per cent.

Oil prices slip on demand outlook
Oil prices eased in early trade on Tuesday as anxiety over the global demand outlook for oil offset geopolitical tensions in the Middle East and supply worries following an attack on a Russian fuel export terminal over the weekend. Brent crude futures fell 14 cents, or 0.2 per cent, to $79.92 a barrel by 0125 GMT, while US West Texas Intermediate crude futures were last down 10 cents, or 0.1 per cent, at $74.66 a barrel.

Dollar steady, yen at 2-month low
The yen languished near a two-month low on Tuesday ahead of a closely-watched policy decision by the Bank of Japan where expectations are for the central bank to stand pat on its ultra-loose monetary policy settings. The dollar held broadly steady as the dollar index held at 103.36. The yen was last fetching 148.13 per dollar. Euro 0.06 per cent to $1.0879 in early Asia trade. Against the dollar, sterling slipped 0.03 per cent to $1.27075.

Wall Street shares settle higher
S&P500 posted a second straight record high close on Monday as tech stocks added to recent gains and investors awaited upcoming corporate reports for clues on this year's profit outlook. The Dow Jones Industrial Average, rose 138.01 points, or 0.36 per cent, to 38,001.81, the S&P 500, gained 10.62 points, or 0.22 per cent, to 4,850.43 and the Nasdaq Composite, added 49.32 points, or 0.32 per cent, to 15,360.29.

Medi Assist Healthcare shares to list today
Shares of Medi Assist Healthcare will make its debut on Dalal Street on Tuesday, January 23, since the market observed a holiday on Monday. The company sold its shares in a range of Rs 397-418 apiece with a lot size of 35 equity shares between January 15-17, which was overall subscribed 16.25 times. The company is commanding a premium of 35-40 in the grey market, suggesting a listing pop of around 10 per cent to the investors.

Nova AgriTech IPO opens today
The initial public offering (IPO) of Nova AgriTech will open for bidding on Tuesday, January 23, a day later to its initially announced date. Similarly, the bidding for the issue will close on Thursday, January 25, instead of Wednesday, January 24, as proposed earlier. The company is selling its shares in the range of 39-41 apiece. One lot would constitute 365 equity shares.

Q3 results today
Axis Bank, Pidilite Industries, REC, Havells India, JSW Energy, United Spirits, CG Power & Industrial Solutions, Indus Towers, Tata Elxsi, L&T Finance Holdings, Sona BLW Precision Forgings, KEI Industries, Hitachi Energy India, Tanla Platforms, Mahanagar Gas, Route Mobiles, Granules India, Karnataka Bank and Glenmark Life Sciences are among the companies that will announced their results for the December 2023 quarter today.

Stocks in F&O ban
A total of 11 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, January 23. The new addition namely- IRCTC- will join the existing retentions including Aditya Birla Fashion & Retail (ABFRL), Balrampur Chini Mills, Indian Energy Exchange (IEX), Steel Authority of India (SAIL), Delta Corp, Oracle Financial Services Software, RBL Bank National Aluminium Company (Nalco), Polycab India 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 546 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 545.58 crore on Saturday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 719.31 crore. Overseas investors have dumped local equities worth Rs 13,047 crore in the month of January 2024 so far.

Rupee rises 6 paise against dollar
The rupee gained 6 paise to settle at 83.07 against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas. However, strengthening crude oil prices and foreign capital outflows capped the sharp gain in the domestic currency, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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