SGX Nifty down 41 points: Asian stocks, crude prices, dollar movement, Q4 earnings & more

Domestic stock markets are likely to open lower on Wednesday amid mixed global cues. US stocks settled lower overnight while Asian stocks were mixed ahead of Japan's GDP numbers. Here's what you should know before the opening bell:

Nifty outlook
In the past few weeks, the market saw a one-sided buying activity, which completely changed the texture of the market. Due to an overbought technical structure, extended profit booking at the current level cannot be ruled out, said Rohan Patil, Technical Analyst, SAMCO Securities. For Nifty, 18,400-18,450 would act as immediate resistance range. The levels of 18,100-18,050 would act as a key support zone. A fresh buying momentum could be seen only above 18,450, he said.

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 40.50 points, or 0.22 per cent, lower at 18,289, hinting at a negative start for the domestic market on Wednesday.

Asian stocks mixed
Asian stocks were trading mixed ahead of Japan's first quarter GDP figures. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.07 per cent. Japan's Nikkei jumped 0.61 per cent; Australia's ASX 200 declined 0.50 per cent; New Zealand's DJ added 0.08 per cent; China's Shanghai shed 0.13 per cent; Hong Kong's Hang Seng declined 0.20 per cent and Korea's Kospi gained 0.70 per cent.

Oil prices edge lower
Oil prices fell for the second day on Wednesday after a surprise rise in US crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China, the world's two biggest oil consumers. Brent crude futures was 29 cents lower, or down by 0.4 per cent, to $74.60 a barrel. US West Texas Intermediate crude edged down by 32 cents, also 0.4 per cent down, to $70.55, as of 0005 GMT.

Dollar firm in early trade

The dollar was firm on Wednesday, supported by a safety bid as the US hurtled toward its borrowing limit and boosted after solid economic data had traders trimming bets on imminent rate cuts. The dollar hit a two-week peak of 136.69 yen overnight. It also broke above its 50-day moving average against the euro to trade at $1.0866 per euro. Sterling fell about 0.4% and last bought $1.2485.

Wall Street settle lower
US stock indices closed lower on Tuesday after a disappointing forecast from Home Depot and US retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment. The Dow Jones Industrial Average fell 336.46 points, or 1.01 per cent, to 33,012.14, the S&P 500 lost 26.38 points, or 0.64 per cent, to 4,109.9 and the Nasdaq Composite dipped 22.16 points, or 0.18 per cent, to 12,343.05.

Q4 earnings today
REC, Honeywell Automation India, Jubilant Foodworks, Thermax, Timken India, Jindal Stainless, SKF India, Devyani International, GlaxoSmithKline Pharmaceuticals, Endurance Technologies, Whirlpool of India, Sheela Foam, Zydus Wellness, Eris Lifesciences, Deepak Fertilizers & Petrochemicals, Sterlite Technologies, MTAR Technologies, Quess Corp, Jindal Saw are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
Five stocks- Punjab National Bank (PNB), Delta Corp, Balrampur Chini Mills, Manappuram Finance and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) - have been put under the ban by National Stock Exchange (NSE) for Wednesday, May 17. 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 buy shares worth Rs 1,407 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,406.86 crore on Tuesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 886.17 crore.

Rupee rises 10 paise against dollar
The rupee appreciated by 10 paise to 82.21 against the US dollar on Tuesday, as the American currency retreated from its elevated levels. Forex traders said significant foreign fund inflows and easing crude oil prices also supported the local unit.

Note: With inputs from PTI, Reuters and other agencies

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