GIFT Nifty down 22 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Indian benchmark indices are likely to open lower on Wednesday amid muted global cues. Asian stocks were struggling in the early trade while US stocks settled mixed overnight. The US dollar held steady while crude oil prices surged 2 per cent in the early trade. Israel-Hamas war crisis and Powell's speech on Thursday will be keenly tracked. Back home, traders awaited Q2 earnings from blue-chips like IndusInd Bank, Wipro and Bajaj Auto. Here's what you should know before the Opening Bell: Nifty outlook Nagaraj Shetti, Technical Research Analyst at HDFC Securities said Nifty formed a small negative candle was on the daily chart with gap up opening . It had small lower shadow. This market action indicates a gradual upside momentum in the market amidst a range movement, he said adding that smaller degree positive chart pattern like higher top-bottom is intact. "The short-term trend of Nifty continues to be positive with range bound action. Nifty is expected to face patchy road ahead on the upside, as it could encounter multiple resistances like 19,850-previous swing high, 19,950- up trend line hurdle and 20,115- previous opening down gap in the near term. Immediate support is placed around 19,700 levels," he said. Nifty Bank outlook Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty Bank opened gap up but was unable to capitalise on the gains and it corrected intraday. "However, the dip is likely to witness buying interest in the zone of 44,350-44,300 where support in the form of the key hourly moving averages is placed. We expect the pullback in bank nifty towards 45,000 from a short-term perspective. On the downside 44,100-44,000 shall act as a crucial support," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 21.50 points, or 0.11 per cent, lower at 19,790, hinting at a negative start for the domestic market on Wednesday. Asian shares struggle at open Asian shares stuttered on Wednesday as a blast at a Gaza hospital dealt a blow to hopes for containing the crisis, while bonds nursed heavy losses as strong US retail data argued for a punishingly long stretch of high rates. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.32 per cent. Japan's Nikkei fell 0.30 per cent; Australia's ASX 200 added 0.08 per cent; New Zealand's DJ dropped 0.84 per cent; China's Shanghai declined 0.34 per cent; Hong Kong's Hang Seng shed 0.43 per cent; South Korea's Kospi retreated 0.04 per cent. Oil prices jump on supply worries Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in US crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. Brent crude futures jumped $1.62, or 1.8 per cent, to $91.49 a barrel at 0148, with markets also braced for Chinese GDP numbers. West Texas Intermediate crude (WTI) futures were up $1.77, or 2 per cent, at $88.43 a barrel. Dollar steadies while yields rise The dollar stood its ground on Wednesday, though it struggled for further headway despite strong US retail sales data, as traders turned their attention to looming Chinese growth figures and the escalating violence in the Middle East. The dollar index was up less than 0.1 per cent overnight to 106.26. The euro gained 0.1 per cent overnight and was steady at $1.0570 in Asia on Wednesday. The yen jumped briefly, before falling back to trade steady at 149.75 on Wednesday. US stocks settle mixed The Nasdaq dipped and benchmark US Treasury yields surged on Tuesday as robust economic data and strong third-quarter earnings suggested the Federal Reserve may keep policy tight for longer than expected. All three major US stocks wavered throughout the session but the S&P 500 and the Dow closed essentially flat. The Dow Jones Industrial Average rose 13.11 points, or 0.04 per cent, to 33,997.65, the S&P 500 lost 0.43 points, or 0.01 per cent, to 4,373.2 and the Nasdaq Composite dropped 34.24 points, or 0.25 per cent, to 13,533.75. Q2 results today Wipro, LTIMindtree, Bajaj Auto, IndusInd Bank, Polycab India, ICICI Lombard General Insurance Company, Astral, Persistent Systems, Bandhan Bank, Oracle Financial Services Software, IIFL Finance, UTI Asset Management Company, Titagarh Rail Systems, Shoppers Stop, Tips Industries, Precision Camshafts, RPG Life Sciences and Heritage Foods are among the companies which announced their earnings for the quarter ended on September 2023. Stocks in F&O ban list As many as 10 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, October 18. Retentions including Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Delta Corp, Indiabulls Housing Finance, Manappuram Finance, Balrampur Chini Mills, Hindustan Copper and India Cements will remain in the ban. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under bad in the F&O segment. FPIs buy shares worth Rs 264 crore Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of Rs 263.68 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 112.55 crore. Rupee rises 2 paise against dollar Rupee consolidated in a narrow range and settled for the day higher by 2 paise at 83.25 against the US dollar on Tuesday amid a positive trend in domestic equities. Forex traders said the rupee is trading with a slight positive bias on positive domestic markets. However, a strong US dollar and concerns over the ongoing conflict in the Middle East capped sharp gains. Note: With inputs from PTI, Reuters and other agencies