SGX Nifty up 40 points: Asian markets, dollar, crude oil prices, Q4 earnings & more

Domestic equity markets are likely to open higher on Thursday after a three-day fall. US stock indices  settled flat overnight while Asian stocks were trading mixed in early deals. All eyes would be on corporate earnings with companies such as HCL Technologies, ICICI Prudential Life  and Cyient set to declare their March quarter results today. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty on Wednesday found support at the 200-DMA for the second time in the last three days. A decisive fall below the moving average may trigger selling.  "In that case, Nifty might fall down towards the 17,400 level. The momentum indicator is indicating weakness with a bearish crossover on the daily timeframe. The near-term trend looks negative, while the short term set up remains a buy on dips until the Nifty falls below 17400 decisively," said Rupak De of LKP Securities.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 39.50 points, or 0.22 per cent, higher at 17,693, hinting at a positive start for the domestic market on Thursday.

Asian shares mixed
Asian stocks were mixed on Thursday as traders braced for central bank meetings in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus. MSCI's broadest index of Asia-Pacific shares outside Japan was flat. Japan's Nikkei rose 0.17 per cent; China's Shanghai Composite dropped 0.42 per cent; Hong Kong's Hang Seng advanced 0.27 per cent and Korea's Kospi declined 0.32 per cent.

Brent prices below $83 level
Oil prices fell on Thursday as muted US economic data and expectations of interest rate hikes pushed up the US dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. Brent futures for June delivery were down by 37 cents, or 0.4 per cent, at $82.76 a barrel. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35 per cent, to trade at $78.88 at 0005 GMT.

Dollar on the backfoot
US dollar was on the back foot as investors remained cautious ahead of an expected 25 basis point hike in interest rates by the US Federal Reserve next month. The US dollar index fell 0.039 per cent, with the euro up 0.04 per cent to $1.0958. The yen weakened 0.08 per cent to 134.83 per dollar, while sterling was last trading at $1.2432, down 0.05 per cent on the day.

US stocks end lower
US stocks slipped on Wednesday after back-to-back gains as investors digested the latest earnings reports. The Dow Jones Industrial Average fell 79.62 points, or 0.23 per cent, to 33,897.01; the S&P500 index lost 0.35 points, or 0.01 per cent, to 4,154.52 and the Nasdaq Composite added 3.81 points, or 0.03 per cent, to 12,157.23.

Q4 earnings today
HCL Technologies, ICICI Prudential Life Insurance, Cyient, Sterling and Wilson Renewable Energy, Oriental Hotels, Reliance Industrial Infrastructure, Rajnish Wellness, Orient Green Power Company and Bodhi Tree Multimedia are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Thursday, April 20. 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 sell shares worth Rs 13 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 13.17 crore on Wednesday. However, domestic institutional investors (DIIs) also turned net sellers of equities to the tune of Rs 110.42
crore.

Rupee drops 21 paise against dollar
The rupee depreciated 21 paise to close at 82.25 against the US currency on Wednesday, pressured by a strong greenback overseas and a negative trend in domestic equities. Forex traders said foreign fund outflows and firm crude oil prices also dragged the local unit down.

Note: With inputs from PTI, Reuters and other agencies

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