SGX Nifty up 21.5 points: Asian markets, dollar movement, Q3 earnings, FPI flows & more

Domestic stock indices may open flat, with a positive bias. US stocks rallied overnight while Asian stocks were sending positive signals in the early trade. Traders will be keenly awaiting the US inflation data scheduled for later in the day. Back home, traders will react to inflation numbers. They would also follow Q3 results of Adani Enterprises, ONGC and Vodafone Idea,  among others. Here's what you should know before the opening bell:

Nifty outlook

Nifty has formed a Bearish Engulfing candlestick pattern on the daily chart. On the daily scale, the index is trading within the falling channel pattern. It has found an overhead resistance near the upper band of the pattern, said Rohan Patil, Technical Analyst, SAMCO Securities.

"For the bulls to re-emerge with strength, the index needs to cross the upper band of the falling channel pattern, which is placed at 17,950-18,000 levels. Similarly, the immediate support for Nifty is placed at 17,600, and if the level is breached, 17,350 level will be on the cards," he said.

SGX Nifty signals a flat start

Nifty futures on the Singapore Exchange quoted 21.50 points, or 0.12 per cent, higher at 17,810.50, hinting at a flat start for the domestic market on Tuesday.

Asian shares mostly higher

Asian shares moved mostly higher on Tuesday ahead of US inflation data for cues over Fed's monetary policy tightening in the next FOMC meeting. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.15 per cent. Japan's Nikkei jumped 0.55 per cent; Australia's ASX 200 gained 0.34 per cent; New Zealand's DJ rose  0.42 per cent; China's Shanghai added 0.12 per cent and Korea’s Kospi gained 0.50 per cent.

Oil prices fall in early trade

Oil prices fell in early Asian trade on Tuesday after the US government said it will release more crude from its Strategic Petroleum Reserve (SPR). It also gained on reports suggesting more supply is coming into the market. Brent crude futures fell 82 cents, or 1 per cent, to $85.79 per barrel. US crude futures declined $1.04, or 1.3 per cent, to $79.10 per barrel.

Dollar eases ahead of inflation data

The dollar treaded water on Tuesday as investors braced for an highly anticipated inflation report. Markets are looking to the US consumer price index data for further clues on Federal Reserve's policy outlook. The dollar index eased 0.019 per cent to 103.17. The euro was up 0.1 per cent to $1.0731, Sterling was last trading at $1.2149, up 0.12 per cent on the day. The Japanese yen strengthened 0.23 per cent to 132.12 per dollar. The Australian dollar added 0.04 per cent to $0.697, while the kiwi rose 0.25 per cent to $0.637.

US stocks settled with big gains

Wall Street closed sharply higher on Monday, as investors awaited inflation data likely to hint at the path of the Federal Reserve's future interest rate hikes. S&P500 index climbed 1.15 per cent to end the session at 4,137.32 points. Nasdaq Composite index gained 1.48 per cent to 11,891.79 points. Dow Jones Industrial Average rose 1.11 per cent to 34,246.13.

Jan CPI inflation at 6.52%

Higher food prices nudged up India's annual retail inflation in January to a three-month high of 6.52 per cent from a 12-month low in December, showed government data on Monday. It was 5.72 per cent in December and 6.01 per cent in January 2022. Inflation ran above the upper tolerance limit of 6 per cent for the first 10 months of 2022 but fell below it in the last two, largely because of a fall in food inflation.

Q3 earnings today

Adani Enterprises, Oil & Natural Gas Corporation, Siemens, Grasim Industries, Eicher Motors, Bata India, Apollo Hospitals Enterprises, Bosch, PI Industries, Bharat Forge, Vodafone Idea, NMDC, Biocon, Rajesh Exports, Ipca Laboratories, GMR Airports Infrastructure, Torrent Power, Prestige Estates Projects, Radico Khaitan, Krishna Institute of Medical Sciences are among the companies that will announce their Q3 earnings today.

Stocks in F&O ban

Ambuja Cements, Indiabulls Housing Finance, Punjab National Bank (PNB), Bharat Heavy Electricals (BHEL) are four stocks which have been put under F&O ban by National Stock Exchange (NSE) for Tuesday, February 14. 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 1,322 crore

Provisional data available with NSE suggests FPIs we net buyers of domestic stocks to the tune of Rs 1,322.39 crore on Monday. Domestic institutional investors (DIIs) also turned buyers of equities to the tune of Rs 521.69 crore.

Rupee drops 12 paise against dollar

The rupee fell by 12 paise to close at 82.70 against the US currency on Monday, weighed down by muted trend in domestic equities. However, sustained inflow of foreign funds into the domestic equity market resisted the fall in the Indian currency, forex traders said.

 

Note: With inputs from PTI, Reuters and other agencies

Also read: ITC, HDFC Bank, HUL, RIL and TCS: Retail investors owned Rs 5.71 lakh cr worth 10 stocks in Q3

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