GIFT Nifty down 10 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic stock indices are likely to open on a muted note on Tuesday amid mixed global cues. A negative news flow from China sent Asian stocks falling earlier today, even as US stocks settled higher overnight. Stock specific actions is all likely, back home, amid quarterly earnings. Here's what you should know before the Opening Bell:

Nifty outlook
Nifty formed a  long bull candle on the daily chart, which indicates a sharp upside breakout of the recent sideways range movement. It also made a higher high-low formation on the daily chart. A lack of sharp selling participation has been observed during recent higher lows, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Having moved decisively above the resistance of 19,500 level recently, Nifty is expected to reach towards the next upper trajectories of 19,800 and 20,000 levels in the near term. An important support for the trend reversal is placed at 19,500," he added.

GIFT Nifty signals a muted start
Nifty futures on the Nifty International Exchange traded 10 points, or 0.05 per cent, lower at 19,769.50, hinting at a flattish start for the domestic market on Tuesday.

Asian stocks drop in early trade
Asian shares were off to a negative start on Tuesday after the double whammy of gloomy news from China is spoiling the party in Asia. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.68 per cent. Australia's ASX 200 dropped 0.49 per cent; New Zealand's DJ shed 0.29 per cent; China's Shanghai Composite decline 0.43 per cent; Hong Kong's Hang Seng tanked 1.77 per cent and South Korea's Kospi plunged 0.67 per cent. Japan's Nikkei, meanwhile, gained 0.24 per cent.

Oil price rise after recent fall
Oil prices edged higher in early trade on Tuesday after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies. Brent crude gained 11 cents to $78.61 a barrel by 0017 GMT, while US West Texas Intermediate crude rose 15 cents to $74.30 a barrel. Both contracts fell more than 1.5 per cent on Monday.

Dollar at one-year low
The dollar wobbled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week's cooler-than-expected US inflation report. The US dollar index dipped slightly to 99.84 in early Asia trade. Against the greenback, the euro hit a fresh 17-month high of $1.1256, while sterling gained 0.15 per cent to $1.3094. The Japanese yen rose marginally to 138.66 per dollar, while the offshore yuan edged marginally higher to 7.1749 per dollar.

Wall Street stocks settle higher
US stocks ended higher to kick off the trading week on Monday, buoyed by gains in financial and technology shares as investors awaited the next round of quarterly results this week as earnings season gathers speed. The Dow Jones Industrial Average rose 76.32 points, or 0.22 per cent, to 34,585.35, the S&P 500 gained 17.37 points, or 0.39 per cent, to 4,522.79 and the Nasdaq Composite added 131.25 points, or 0.93 per cent, to 14,244.95.

Q1 results today
IndusInd Bank, ICICI Prudential Life Insurance Company, Polycab India, L&T Technology Services, CIE Automotive India, TV18 Broadcast, Himadri Speciality Chemical, Heidelberg Cement, Ganesh Housing Corporation, Bharat Bijlee, JSW Ispat Special Products, Mishtann Foods and Aurum Proptech are among the companies that will announce their earnings for the June 2023 quarter during the day.

Stocks in F&O ban
Four stocks - Delta Corp, Manappuram Finance, Indiabulls Housing Finance, and RBL Bank- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, July 18. 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 73 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 73 crore on Friday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 64.34 crore.

Rupee rises 14 paise against dollar
The rupee gained 14 paise to close at 82.03 against the US dollar on Monday, as domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments. Besides, steady foreign fund inflows into domestic capital markets also supported the local unit, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

Also read: IndusInd Bank Q1 results today. Earnings preview, share price target & more

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