SGX Nifty up 18 points: Asian stocks, crude prices, dollar movement, Q4 earnings & more

Domestic stock indices are likely to open slightly higher on Friday. US stocks settled sharply higher overnight on easing debt ceiling concerns. Asian markets, however, were mixed ahead of G7 summit in Japan. Dollar edged higher while crude oil prices eased lower. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty faced resistance at key hourly moving averages. Going ahead, the 18,300-18,350 range should act as a stiff resistance. The index is approaching a crucial support of 18,079, which coincides with the 20-day moving average. Below that lies the psychological support level of 18,000, said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

"On the downside there are multiple support parameters which shall provide cushion and restrict a deep correction," he said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 17.50 points, or 0.10 per cent, higher at 18,196, hinting at a positive start for the domestic market on Friday.

Asian stocks mixed in early trade
Asian stocks opened mixed on Thursday morning, with the MSCI's broadest index of Asia-Pacific shares outside Japan inching 0.34 per cent lower. Japan's Nikkei advanced 0.77 per cent; China's Shanghai Composite fell 0.74 per cent; Hong Kong's Hang Seng plunged 1.61 per cent while South Korea's Kospi gained 0.56 per cent.

Brent stays below $76 a barrel
Oil prices fell slightly in early Asian trade on Friday as optimism that a US debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. Brent futures were down 2 cents at $75.84 a barrel as at 0015 GMT. US West Texas Intermediate (WTI) crude fell 10 cents, or 0.043 per cent, to settle at $71.76.

Dollar index nears 2-month high
Dollar firmed near a six-month peak against the yen on Friday on the back of rising US Treasury yields, as optimism over debt ceiling talks in Washington raised expectations of higher-for-longer interest rates. The US dollar index was last at 103.46, flirting with Thursday's two-month high of 103.63.  The euro rose 0.06 per cent to $1.0777, but languished near the previous session's close to two-month low of $1.07625. Sterling gained 0.05 per cent to $1.2415. The dollar stayed elevated in early Asia trade on Friday and last bought 138.40 yen

US stocks settle higher
US stocks closed higher for a second straight day on Thursday on mounting optimism that a US debt ceiling deal could be reached within days, with discount retailer Walmart Inc providing additional support after an upbeat annual sales forecast.  The Dow Jones Industrial Average rose 115.14 points, or 0.34 per cent, to 33,535.91; the S&P 500 gained 39.28 points, or 0.94 per cent, at 4,198.05; and the Nasdaq Composite added 188.27 points, or 1.51 per cent, at 12,688.84.

Q4 earnings today
NTPC, JSW Steel, Power Grid Corporation of India, Zomato, Punjab National Bank, Abbott India, Muthoot Finance, Alkem Laboratories, Bandhan Bank, Delhivery, Motherson Sumi Wiring India, Vinati Organics, IRB Infrastructure Developers, Glenmark Pharmaceuticals, Sun TV Network, Crompton Greaves Consumer Electricals, Narayana Hrudayalaya and Godrej Industries are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
Eight stocks-  L&T Finance Holdings, Aditya Birla Fashion & Retail, LIC Housing Finance, 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 Friday, May 19. 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 970 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 970.18 crore on Thursday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 849.96 crore.

Rupee falls 25 paise against dollar
The rupee fell 25 paise to close at 82.62 against the US currency on Thursday, weighed down by a strong greenback in the overseas market and a negative trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, and finally settled at 82.62, down 25 paise from its previous close.

Note: With inputs from PTI, Reuters and other agencies

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