SGX Nifty up 45 points: Asian stocks, crude oil prices, dollar movement, Q4 earnings & more

Domestic stock markets are likely to open higher on Tuesday amid positive global cues. Asian stocks opened mostly higher in early trade, tracking gains in US stocks overnight. At home, Q4 earnings on a few companies including Bharti Airtel, Jindal Steel, Bank of Baroda and IOC will be keenly tracked. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty encountered resistance at a historical congestion area on the daily chart, indicating a potential hurdle for further upward movement. The index, however, managed to close above the support level of 18,300 on Tuesday, which is a positive sign, said Rupak De, Senior Technical analyst at LKP Securities.

"The RSI is showing a bullish crossover, indicating increasing buying momentum. In the short term, the index is expected to move towards 18,500 and potentially higher. The support level to watch out for remains at 18,300," De said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 45 points, or 0.24 per cent, higher at 18,448.50, hinting at a positive start for the domestic market on Tuesday.

Asian stocks mostly higher
Most Asian share markets opened higher on Tuesday, ahead of a key Chinese economic data. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.47 per cent. Japan's Nikkei jumped 0.76 per cent; China's Shanghai shed 0.20 per cent; Hong Kong's Hang Seng advanced 0.43 per cent and Korea's Kospi gained 0.35 per cent.

Oil prices extend gains
Oil prices on Tuesday rose for the second day, as US plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries. Brent crude futures rose 31 cents, or 0.4 per cent, to $75.54 a barrel, while US West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4 per cent.

Dollar falls on debt default concerns
The US dollar remained under pressure on Tuesday, weighed down by the risk of a US default as a standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved. The dollar index was little changed at 102.39 after sliding 0.26 per cent overnight. The euro ticked up 0.06 per cent on Tuesday to $1.0879. Sterling was largely steady at $1.2529, following a 0.67 per cent rally from Monday.

Wall Street settle higher
US stocks slouched to a higher close on Monday, and benchmark Treasury yields rose amid flickering optimism that Washington will get past partisan wrangling and reach a debt ceiling deal. The Dow Jones Industrial Average rose 47.98 points, or 0.14 per cent, to 33,348.6, the S&P 500 gained 12.2 points, or 0.30 per cent, to 4,136.28 and the Nasdaq Composite added 80.47 points, or 0.66 per cent, to 12,365.21.

Q4 earnings today
Bharti  Airtel, Indian Oil Corporation, Bank of Baroda, Jindal Steel & Power, Max Healthcare Institute, Oberoi Realty, LIC Housing Finance, Digital Finance Infrastructure Trust, Kajaria Ceramics, CreditAccess Grameen, Redington India, Triveni Turbine, CLL Products India, Granules India, Chemplast Sanmar, Metropolis Healthcare and JK Paper are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
Four stocks stocks- Punjab National Bank (PNB), Bharat Heavy Electrical (BHEL), Delta Corp and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) - have been put under the ban by National Stock Exchange (NSE) for Tuesday, May 16. 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 1,686 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,685.29 crore on Monday. Domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 191.20 crore.

Rupee falls 13 paise against dollar
The rupee fell by 13 paise to close at 82.31 against the US currency on Monday, weighed down by a stronger dollar in the overseas market and the waning risk appetite of investors. Gains in domestic stocks and foreign fund inflows restricted the fall in the rupee, analysts said. On Friday, the rupee settled at 82.18 against the dollar.


Note: With inputs from PTI, Reuters and other agencies

Also read: HDFC, HDFC Bank shares to go ex-dividend; Bharti Airtel, Jindal Steel, Bank of Baroda Q4 results today