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

Domestic stock indices are likely to open higher on Thursday on strong global cues. US stocks settled sharply higher overnight on easing concerns over debt ceiling. Asian markets were mostly up in the early trading. At home, Q4 results of blue chip companies such as SBI, ITC and GAIL will sway the market sentiment in the near-term. Here's what you should know before the opening bell:

Nifty outlook
Till the index trades above 18,100, the index is expected to scale higher, said Stoxbox. On the downside, support is placed at 18,100, followed by 18,000 and 17,870 levels, it said.

“Intraday traders can look for long opportunities if Nifty closes above 18,300 on the 15-minute chart. Traders can look for fresh shorts only if Nifty breaks the 18,100 level and remains below for 15 minutes to ensure a short," it said.

SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 45 points, or 0.25 per cent, higher at 18,277, hinting at a positive start for the domestic market on Thursday.

Asian stocks open higher
Asian stocks opened with big gains with some major economic indicators from Japan and Australia and an interest rate decision from the Philippines on tap, and a spring in their step as hopes rise that a deal on the US debt ceiling is in sight. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.68 per cent. Japan's Nikkei rallied 1.40 per cent; China's Shanghai Composite gained 0.40 per cent; Hong Kong's Hang Seng soared 1.07 per cent and Korea's Kospi added 0.57 per cent.

Oil falls on easing supply concerns
Oil prices edged lower on Thursday, easing on concerns over plentiful supply after surging nearly 3 per cent during the previous session. Brent crude futures dipped 24 cents to $76.72 a barrel. US West Texas Intermediate crude dropped 21 cents to $72.62. Both benchmarks rose nearly 3 per cent on Wednesday on optimism over oil demand and US debt ceiling negotiations.

Dollar firm amid debt ceiling talks
The US dollar held near a seven-week peak on Thursday, after President Joe Biden and top US congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default, while the Aussie dollar slipped after disappointing jobs data. The pop up in treasury yields helped lift the US dollar. The dollar index firmed near its seven-week peak and last stood at 102.86. The euro was pressured near an over six-week low at $1.0841. The Japanese yen last bought 137.50 per dollar. Elsewhere, sterling was last 0.02 per cent lower at $1.2485.

Wall Street stocks settle higher
US stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles. The Dow Jones Industrial Average rose 408.63 points, or 1.24 per cent, to 33,420.77; the S&P 500 gained 48.87 points, or 1.19 per cent, to 4,158.77; and the Nasdaq Composite added 157.51 points, or 1.28 per cent, at 12,500.57.

Q4 earnings today
ITC, State Bank of India, InterGlobe Aviation, GAIL (India), United Spirits, Zydus Lifesciences, PI Industries, Tata Elxsi, Container Corporation of India, UNO Minda, Gland Pharma, Sumitomo Chemical India, Bata India, The Ramco Cements, Clean Science & Technology, Krishna Institute of Medical Sciences, PNB Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals, RITES, Hindustan Foods are among the companies that will announce their earnings for the March 2023 quarter.

Stocks in F&O ban
Seven stocks- 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 Thursday, May 18. 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 149 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 149.33 crore on Wednesday. However, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 203.87 crore.

Rupee falls 12 paise against dollar
The rupee fell 12 paise to close at 82.37 against the US currency on Wednesday, weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.29 against the dollar, also the intra-day high, and settled for the day at 82.37, down 12 paise from its previous close.

Note: With inputs from PTI, Reuters and other agencies

Also read: State Bank of India Q4 results: Profit surge likely in seasonally strong quarter, loan growth to lag peers