GIFT Nifty up 5 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic equity markets are likely to kick off August on a positive note, tracking firm global cues. Asian stocks were trading higher in the early trade, tacking an overnight rise in US stock indices. Back home, all eyes will be on corporate results. Here's what you should know before the Opening Bell:

Nifty outlook
After forming a series of higher high-lows over the last two months, Nifty has started forming lower high-lows in the last 4-5 sessions amid a range movement. This pattern could be reflecting in the ongoing market consolidation, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"The underlying trend of Nifty remains choppy. A decisive move above the immediate resistance of 19,870 level could open up door for a sharp upside towards the next resistance of 20,000 level in the near term. The immediate support is placed at 19,600 level," he said.

GIFT Nifty signals a positive start
Nifty futures on the Nifty International Exchange traded 5 points, or 0.03 per cent, higher at 19,891, hinting at a mildly positive start for the domestic market on Tuesday.

Asian stocks open higher
Asian shares opened with strong gains on Tuesday, tracking firm closing for US stock indices overnight. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.37 per cent. Japan's Nikkei gained 0.56 per cent; Australia's ASX 200 rose 0.30 per cent; New Zealand's DJ dropped 0.48 per cent; China's Shanghai advanced 0.40 per cent up; Hong Kong's Hang Seng soared 1.06 per cent and South Korea's Kospi surged 1.26 per cent.

Oil nears 3-month high
Oil prices were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply as producers implement output cuts and strong demand in the United States, the world's biggest fuel consumer. Brent crude futures for October were at $85.30 a barrel at 0135 GMT, down 13 cents or 0.15 per cent lower from its close. US West Texas Intermediate crude was at $81.69 a barrel, down 0.1 per cent or 11 cents from the previous session's settlement, which was its highest since April 14.

Yen eases to 3-week low, dollar steady
The yen slipped to a fresh three-week low on Tuesday as traders pondered the Bank of Japan's steps last week to tweak its yield curve control policy. The Asian currency touched a low of 142.80 per dollar. Against a basket of currencies, the dollar rose 0.059 per cent at 101.93, flirting with a fresh three-week peak. Sterling was last at $1.2827, down 0.08 per cent on the day, having gained 1.1 per cent in July. The euro was down 0.06 per cent at $1.0986, while the kiwi eased 0.14 per cent to $0.620.

US stocks settle July on a high note
US stocks closed little changed on Monday, ending a strong July on upbeat company earnings and hopes of a soft landing for a resilient US economy. All three major stock indexes ended with gains for the month, ahead of a busy week of earnings reports from major companies. The Dow Jones Industrial Average index rose 100.24 points, or 0.28 per cent, to 35,559.53; the S&P500 index gained 6.73 points, or 0.15 per cent, at 4,588.96; and the Nasdaq Composite added 29.37 points, or 0.21 per cent, at 14,346.02.

Q1 results today
Cholamandalam Investment & Finance Company, Adani Total Gas, Thermax, Escorts Kubota, Metro Brands, KPR Mills, PVR Inox, Redington, Aptus Value Housing Finance India, Triveni Turbine, Bikaji Foods International, Anupam Rasayan India, Godrej Agrovet, Syrma SGS Technology, Maharashtra Seamless and Anant Raj are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban
Two stocks- Piramal Enterprises and Indiabulls Housing Finance- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, August 1. Derivative contracts in a security are banned when it crosses 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 offload shares worth Rs 701 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 701.170 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 2,488.07 crore.
 
Rupee falls 11 paise against dollar
The rupee depreciated 11 paise to close at 82.29 against the US dollar, tracking surging crude oil prices and a strong greenback against major rivals overseas. Besides, month-end dollar demand from importers and foreign capital outflows weighed on the local currency, which found some cushion at a lower level due to positive sentiment in the domestic equity markets, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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