Domestic stock indices are likely to open lower on Wednesday, tracking weak cues from global markets. Asian stocks were trading sharply lower in the early trade, tracking an overnight fall in US stocks. The dollar hit one-month high; crude prices though gave up some gains. Back home, Q3 earnings will trigger stock specific actions at Dalal Street. Here's what all you know to know before the Opening Bell: Nifty outlook Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the Nifty needs to decisively break above the 22,150-mark for a sustained upward movement towards the 22,300 level. On the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further correction towards the 21,800-mark, he said. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said Nifty Bank has witnessed a consolidation, which is a brief pause in the overall uptrend. "We expect the momentum to continue on the upside over the next few trading sessions. On the upside, we see a target of 48,650–49,000 from a short-term perspective," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 20.50 points, or 0.09 per cent, lower at 21,816, hinting at a negative start for the domestic market on Wednesday. Asian shares fall in the early trade Asian stocks stumbled and the dollar was near a one-month high on Wednesday as hawkish rhetoric from central bankers beat back bets of early interest rate cuts. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.22 per cent. Japan's Nikkei gained 0.45 per cent; China's Shanghai tanked 0.84 per cent; Hong Kong's Hang Seng plunged 2.86 per cent; South Korea's KOSPI tumbled 1.87 per cent. Oil prices nudge lower Oil prices fell on Wednesday as a stronger US dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. Global benchmark Brent crude futures fell 36 cents, or 0.5 per cent, to $77.93 a barrel by 0215 GMT. US West Texas Intermediate crude futures (WTI) fell 43 cents, or 0.59 per cent, to $71.97 a barrel. Dollar at one-month high The dollar index hovered at a one-month high against a basket of currencies on Wednesday as remarks by Federal Reserve Governor Christopher Waller dampened expectations for a March rate cut. The dollar index last stood at 103.35. The euro was hanging near a one-month low at $1.0875. Sterling was last trading largely unchanged at $1.2636. The yen was under some pressure at 147.45 per dollar. Wall Street shares settle lower US stocks retreated on Tuesday while the dollar gathered strength amid warnings that markets might have gotten ahead of themselves with respect to the timing and extent of central bank policy cuts. A broad sell-off pulled all three major US stock indexes lower. The Dow Jones Industrial Average opens new tab fell 231.86 points, or 0.62 per cent, to 37,361.12, the S&P 500 opens new tab lost 17.85 points, or 0.37 per cent, to 4,765.98 and the Nasdaq Composite opens new tab dropped 28.41 points, or 0.19 per cent, to 14,944.35. Q3 results today Asian Paints, LTIMindTree, ICICI Prudential Life Insurance Company, Oracle Financial Services Software, IIFL Finance, Alok Industries, Happiest Minds Technologies, DB Realty, Indiabulls Housing Finance, Nazara Technologies, Mas Financial Services, Steel Strips Wheels, eMudhra and Goodluck India are among the companies that will announced their results for the December 2023 quarter today. Stocks in F&O ban A total of 15 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, January 17. The new addition namely- Aditya Birla Fashion and Retail, Ashok Leyland and National Aluminium Company- will join the existing retentions including Bandhan Bank, Hindustan Copper, Indus Towers, Piramal Enterprises (PEL), Delta Corp, Biocon India, Delta Corp, Polycab India, India Cements, Chambal Fertilisers & Chemicals, Metropolis Healthcare, PVR Inox and Zee Entertainment Enterprises (ZEEL).
FPIs buy shares worth Rs 657 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 656.57 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 369.29 crore. Rupee tanks 23 paise against dollar The rupee slumped 23 paise to 83.09 (provisional) against the US dollar on January 16, as a strong greenback against major rivals overseas and negative equity market dented investor sentiment. Besides, volatile crude oil prices in the international markets weighed on the domestic currency, Forex traders said. Note: With inputs from PTI, Reuters and other agencies
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