GIFT Nifty down 10 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices are likely to open on a muted note amid a mixed cues from global market. Asian stocks were cautious at open even as US stocks settled higher overnight. Traders were awaiting the US Fed's policy outcome due later today. They were also focused on the listing of Blue Jet Healthcare and a slew of Q2 earnings due today. Here's what you should know before the Opening Bell:

Nifty outlook
Shrikant Chouhan of Kotak Securities said that Nifty has formed a bearish candle on the daily chart, indicating further weakness. "We are of the view that the market is likely to consolidate within the range of 18,980 to 19,220. However, below 18,980, traders may prefer to exit out from long positions," he said.

Nifty Bank outlook
Jatin Gedia of Sharekhan said Nifty Bank's relief rally is likely to be over, as the hourly momentum indicator has triggered a negative crossover above the equilibrium line, indicating that it has started a new cycle, which can lead to a slide in the Nifty Bank till 42,400 and, below that, till 42,000.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 10 points, or 0.05 per cent, higher at 19,130, hinting at a flattish start for the domestic market on Wednesday.

Asia shares mixed in early trade
Asian equities were mixed on Wednesday as investors digested the huge moves in Japan's government bond and currency markets ahead of the US Fed's decision and details from the US Treasury outlining its $776 billion fourth quarter borrowing needs. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.18 per cent. Japan's Nikkei rallied 2.11 per cent; Australia's ASX 200 gained 0.59 per cent; New Zealand's DJ jumped 0.44 per cent; China's Shanghai shed 0.02 per cent; Hong Kong's Hang Seng tanked 0.48 per cent; South Korea's Kospi rose 0.78 per cent.

Oil gains as Middle East conflict persists
Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the US Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4 per cent, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday.

Dollar gains ahead of Fed meet
The yen wobbled near 15-year lows on the euro and a one-year trough on the dollar on Wednesday, having slid on bets that a tweak of Japan's yield control policy isn't enough to close wide interest rate gaps that have pressured the currency for years. The US dollar index rose 0.5 per cent on Tuesday to 106.66. Against the dollar, the yen fell about 1.7 per cent overnight, touching a low of 151.74 Sterling was steady at $1.2150. The euro declined 0.4 per cent on the dollar overnight and nursed losses at $1.0579.

Wall Street stocks settle higher
Wall Street's main indexes ended Tuesday's session with gains as investors looked ahead to the Federal Reserve's monetary policy update while they digested a mixed batch of earnings reports. The Fed kicked off a two-day monetary policy meeting. The Dow Jones Industrial Average rose 123.91 points, or 0.38 per cent, to 33,052.87, the S&P 500 gained 26.98 points, or 0.65 per cent, to 4,193.8 and the Nasdaq Composite added 61.76 points, or 0.48 per cent, to 12,851.24.

Blue Jet Healthcare to make market debut
Shares of Blue Jet Healthcare will make their debut on Dalal Street today. The pharma player sold its IPO in the fixed price band of Rs 329-346 per share with a lot size of 43 shares. The issue was open for subscription between October 25-27. The contrast media intermediates player entity raised a total of Rs 840.27 crore from its primary offering and the issue was overall subscribed 7.95 times during the bidding process.

Q2 results today
Sun Pharmaceutical Industries Ltd, Tata Steel Ltd, Britannia Industries Ltd, Godrej Consumer Products Ltd, Ambuja Cements Ltd, REC Ltd, Hero MotoCorp Ltd, Adani Wilmar Ltd, Indraprastha Gas Ltd, Kansai Nerolac Paints Ltd and LIC Housing Finance Ltd are among the companies which announced their earnings for the quarter ended on September 2023.

Stocks in F&O ban list
Only one stock Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) has been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, November 1. 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 696 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 696.02 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 340.25 crore.

Rupee rises 2 paise against dollar
The rupee stayed range-bound and settled 2 paise higher at 83.24 against the US dollar on Tuesday even as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments. Crude oil prices hovering below $88 a barrel supported the local currency, forex traders said.

Note: With inputs from PTI, Reuters and other agencies

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