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GIFT Nifty down 6 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices are likely to open flat despite positive global cues. Traders may choose to book some profits after the recent rally and ahead of the kickstart of quarterly results.  Asian stocks were mostly up in the early trade while US stocks settled higher overnight ahead of CPI numbers. IT majors TCS and HCL Tech will announce their June quarter results today. The Utkarsh Small Finance Bank IPO will also open for subscription later today. Here’s what you should know before the Opening Bell:

Nifty outlook
A small positive candle was formed on the daily Nifty chart on Tuesday, with a long upper shadow. Technically, this pattern reflects an emergence of selling pressure at highs. Nifty is hovering within a high-low range of around 19,300-19,500 over the last six sessions, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The momentum is expected to strengthen only on a Nifty move beyond this range. A decisive upside breakout of 19,500 level is expected to pull Nifty towards the next hurdle of 19,800 level in a quick period of time. However, any weakness below 19,300 could result in a downward correction towards the next support of 19,100-19,000 levels,” he said.

GIFT Nifty signals a positive start
Nifty futures on the Nifty International Exchange traded 6 points, or 0.03 per cent, lower at 19,531, hinting at a flattish start for the domestic market on Wednesday.

Asian stocks open higher
Asian shares were trading mostly higher on Wednesday as mood at the midpoint of the week is increasingly upbeat, as a growing consensus that the US central bank is near the end of its policy tightening cycle continues to weigh on the dollar, improve sentiment, and lift asset prices. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.60 per cent. Australia’s ASX 200 gained 0.39 per cent; New Zealand’s DJ added 0.11 per cent; Hong Kong’s Hang Seng surged 0.98 per cent.  South Korea’s Kospi was flat. Japan’s Nikkei dropped 0.73 per cent.

Brent oil at $79.36 a barrel

Oil prices were largely unchanged in early Asian trade on Wednesday as hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters offset fears of an economic downturn driving up US crude stockpiles. Brent futures slipped 4 cents, to $79.36 a barrel by 0015 GMT while US West Texas Intermediate (WTI) crude fell 1 cent to settle at $74.82.

Dollar slides ahead of inflation data
The dollar sank to a two-month low against its major peers on Wednesday in the lead-up to a key US inflation reading, while sterling scaled a 15-month top on expectations the Bank of England (BoE) has further to go in raising rates. Ahead of the release, the dollar fell to a two-month low of 101.45 against a basket of currencies.

Wall Street stocks gain ahead of CPI
US stocks rose on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle. The Dow Jones Industrial Average index rose 317.02 points, or 0.93 per cent, to 34,261.42, the S&P 500 gained 29.73 points, or 0.67 per cent, to 4,439.26 and the Nasdaq Composite added 75.22 points, or 0.55 per cent, to 13,760.70.

Q1 results today
Tata Consultancy Services, HCL Technologies, National Standard (India), Anand Rathi Wealth, Steel Strip Wheels, 5Paisa Capital, Artson Engineering and Aki India are among the companies that will announce their earnings for the June 2023 quarter during the day.

Utkarsh SFB IPO to open today
The Rs 500 crore initial public offer (IPO) of Utkarsh Small Finance Bank is set to open on Wednesday July 12 and bidding will close on July 14. The small finance bank has set the price band for its issue at Rs 23-25 per share. The offering entirely comprises only the fresh issue portion.

Stocks in F&O ban
Eight stocks stocks – Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank, Zee Entertainment, Granules India, Delta Corp, India Cements and Bharat Heavy Electricals (BHEL) – have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, July 12. Derivative contracts in a security are banned when they cross 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 1,197 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,197.38 crore on Tuesday. Domestic institutional investors (DIIs) were net sellers to the tune of Rs 7.25 crore.

Rupee rises 18 paise against dollar
The rupee gained 18 paise and settled for the day at 82.41 against the US dollar on Tuesday, supported by a positive trend in equity markets and steady foreign fund inflows. At the interbank foreign exchange market, the local unit opened at 82.42 against the US dollar and settled at 82.41, up 18 paise over its previous close.

Note: With inputs from PTI, Reuters and other agencies

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