Domestic stock indices are set for a positive start to Tuesday’s trade, tracking firm cues from other Asian markets. All eyes would be on December quarter results of three Adani group companies Adani Ports & SEZ, Ambuja Cements and Adani Green Energy Adani Group, which are scheduled for today. Traders would also await the outcome of the RBI's monetary policy outcome on Wednesday. Here's what you should know before the opening bell:
Nifty has key support at 17,700 while it has key resistance at 17,870, said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan. The index has a potential to stretch towards the 18,000 mark, as long as it stays above the 17,700 level, Ratnaparkhi said.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 79 points, or 0.44 per cent, higher at 17,840, hinting at a positive start for the domestic market on Tuesday.
Asian shares open higher
Asian shares opened with modest gains on Tuesday, ahead of the US Federal Reserve Jerome Powell's speech later in the day. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 per cent. Japan's Nikkei gained 0.14 per cent; Australia's ASX 200 shed 0.08 per cent; New Zealand's DJ was down 0.43 per cent; China's Shanghai added 0.19 per cent; Hong Kong's Hang Seng jumped 0.93 per cent; and Korea’s Kospi rallied 0.63 per cent.
Oil prices extend gains
Oil prices rose for the second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly. Brent crude futures rose 40 cents, or 0.5 per cent, to $81.39 per barrel, while West Texas Intermediate futures rose 43 cents, or 0.6 per cent, to $74.54 per barrel.
Dollar nears one-month high
The dollar hovered near a one-month peak on Tuesday, as traders raised their forecasts of US Federal Reserve interest rate levels needed to tame inflation, as a stubbornly resilient labour market remains largely immune to aggressive rate hikes. The surging greenback pushed the US dollar index to 103.52. The Japanese yen rose 0.2 per cent to 132.37 per dollar. Sterling was last 0.09 per cent higher at $1.2033, whereas the euro gained 0.06 per cent to $1.0733.
US stocks settle lower
US stocks ended lower on Monday, as investors shifted gears after considering the possibility that the US Federal Reserve may take longer to start cutting interest rates. Traders are keeping a close eye on speeches by Fed officials this week, including Chair Jerome Powell on Tuesday. The Dow Jones Industrial Average index ended down 35.85 points, or 0.11 per cent, at 33,890.16; the S&P500 index lost 25.44 points, or 0.62 per cent, to 4,111.04 and the Nasdaq Composite dropped 119.51 points, or 1 per cent, to 11,887.45.
Q3 earnings today
Adani Ports & Special Economic Zones, Bharti Airtel, Adani Green Energy, Ambuja Cements, Hero Motocorp, Astral, NHPC, Gujarat Fluorochemicals, Phoenix Mills, Deepak Nitrite, Aditya Birla Fashion and Retail, Thermax, Motherson Sumi Wiring India, GSK Pharma, Navin Fluorine International, Bayer Cropsciences and Bharat Dynamics are among the companies that will announce their results for the December 2022 quarter.
Stocks in F&O ban
Adani Ports is the only stock which has been put under F&O ban by National Stock Exchange (NSE) for Tuesday, February 7. 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 1,218 crore
Provisional data available with NSE suggests FPIs turned net sellers of domestic stocks to the tune of Rs 1,218.14 crore on Monday. Domestic institutional investors (DIIs) were buyers of equities to the tune of Rs 1,203.09 crore.
Rupee falls 68 paise against dollar
The rupee tanked 68 paise, its steepest single-day loss in more than four months, to close at a month low of 82.76 against the US currency on Monday due to a stronger greenback in the global markets and FII outflows. Growing expectations of further rate hikes by the US Federal Reserve after strong US job data and firm crude oil prices weighed on the local unit, forex traders said.
Note: With inputs from PTI, Reuters and other agencies
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