GIFT Nifty up 33 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices are all set to open higher on Wednesday amid positive global cues. Asian stocks rebounded as US stocks extended their recent rally overnight. Traders will be keenly looking at the US Fed chair's speech later in the day. Back home, all eyes would be on primary market activity and Q2 earnings. Here's what you should know before the opening bell: Nifty outlook On Nifty, Jatin Gedia of Sharekhan said the hourly momentum indicator triggered a positive crossover from the equilibrium line, which indicates that the index has started a new cycle on the upside. The index is still trading around the crucial resistance zone 19,450-19,500 and a decisive close above it shall lead to a further rally upwards till 19,690, he said.  “On the downside, 19,300-19,270 shall act as a crucial support zone in the short term," he said. Nifty Bank outlook Rupak De, Senior Technical analyst at LKP Securities said Nifty Bank on Tuesday closed above its 2-EMA for the first time in several days. "The sentiment appears to be positive at this point, and the setup seems favorable for a robust upward movement in the index. In the near term, the index may potentially move towards 44,500 on the upside, with support situated at 43,300 on the lower end," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 32.50 points, or 0.16 per cent, higher at 19,528, hinting at a positive start for the domestic market on Wednesday. Asian stocks rise at open Asian stocks bounced back on Wednesday from the previous day's declines, supported by another positive showing on Wall Street that secured the S&P 500's and Nasdaq's longest winning streak in two years. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent. Japan's Nikkei gained 0.24 per cent; Australia's ASX 200 rose 0.25 per cent; New Zealand's DJ fell 0.54 per cent; China's Shanghai shed 0.08 per cent; Hong Kong's Hang Seng jumped 0.31 per cent; South Korea's Kospi eased 0.15 per cent. Oil prices slip lowest since July Oil prices fell more than 4 per cent on Tuesday to their lowest since late July, as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists' October 7 attack on Israel. The global benchmark settled at $81.61 a barrel, down $3.57, or 4.2 per cent, while US West Texas Intermediate crude futures settled at $77.37 a barrel, down $3.45, or 4.3 per cent. Dollar inches higher The dollar regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes, as traders looked to a speech from Chair Jerome Powell on the central bank's future policy path. The US dollar index rose 0.03 per cent to 105.57. The British pound was last some distance away at $1.2286. The Japanese yen last stood at 150.56 per dollar. The euro fell 0.07 per cent to $1.0691. Wall Street stocks extend winning run US stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in US Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. The Dow Jones Industrial Average rose 56.94 points, or 0.17 per cent, to 34,152.8; the S&P 500 gained 12.40 points, or 0.28 per cent, at 4,378.38 and the Nasdaq Composite added 121.08 points, or 0.90 per cent, at 13,639.86. Q2 results today Pidilite Industries Ltd, Power Finance Corporation Ltd, Tata Power Company Ltd, United Spirits Ltd, Lupin Ltd, PI Industries Ltd, Patanjali Foods Ltd, Bharat Heavy Electricals Ltd, Mazagon Dock Shipbuilders Ltd, Phoenix Mills Ltd, Oil India Ltd, SKF India Ltd, Endurance Technologies Ltd, The New India Assurance Company Ltd, KIOCL Ltd and Grindwell Norton Ltd are among the companies which announced their earnings for the quarter ended on September 2023. Stocks in F&O ban Only one stock Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) continue to be under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 8. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs sell shares worth Rs 497 crore Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 497.21 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 700.28 crore. Rupee falls 6 paise against dollar The rupee settled lower by 6 paise at 83.27 against the US dollar in a range-bound trade on Tuesday, tracking a strong American currency overseas and sustained foreign fund outflows. Forex traders said a negative trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency. Note: With inputs from PTI, Reuters and other agencies