GIFT Nifty down 20 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices are set to open lower on Tuesday amid mixed global cues. Asian stocks fell at open even as US stocks posted gains overnight. The IPO by ASK Automotive will open for subscription today. The day will also see the market debut of Honasa Consumer shares. Here's what you should know before the Opening Bell:

Nifty outlook
Rupak De, Senior Technical analyst at LKP Securities said Nifty rally has encountered resistance at the 21-DMA. "It is anticipated that the trend will stay sideways in the near term. A decisive breakthrough above 19,450 points could potentially pave the way for a Nifty rally. On the lower end, support is situated at 19,300 points," he said.

Nifty Bank outlook
VLA Ambala of Stock Market Today said that Nifty Bank could get support at 43,470 and 43,335 levels. She sees resistance at 43,785, 43,980, and 44,130 levels. "It's worth mentioning that the Nifty Bank has witnessed a strong lower price rejection pattern with the formation of 'Dragon Fly Doji' on the daily timeframe. And further, if the price sustains above the high of this pattern, there is a high probability of it moving towards 44,000 during the current week," she said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 20 points, or 0.10 per cent, lower at 19,460, hinting at a negative start for the domestic market on Tuesday.

Asian stocks snap winning streak
Asian stocks snapped a three-day winning streak on Tuesday, as investors reined in enthusiasm about a possible peak in global interest rates. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.01 per cent. Japan's Nikkei dropped 0.90 per cent; China's Shanghai declined 0.41 per cent; Hong Kong's Hang Seng tanked 1.27 per cent; South Korea's Kospi tumbled 2.66 per cent.

Oil prices ease on demand concerns
Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer. Brent crude futures fell 23 cents, or 0.3 per cent, to $84.95 a barrel while US West Texas Intermediate crude was at $80.59 a barrel, down 23 cents, or 0.3 per cent.

Dollar firm as risk rally takes a breather
The dollar was steady on Tuesday, holding overnight gains as investors took a breather from a risk rally, while the Australian currency drifted lower ahead of a central bank interest rates decision later in the day. Against a basket of currencies, the dollar index rose 0.057 per cent to 105.32. The euro was down 0.07 per cent to $1.0708, while the Japanese yen weakened 0.02 per cent to 150.10 per dollar. Sterling was last at $1.2336, down 0.04 per cent on the day.

Wall Street stocks extend winning run
US stocks closed slightly higher on Monday as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the central bank's policy path, with a large amount of bond supply also due to hit the market. The Dow Jones Industrial Average rose 34.54 points, or 0.10 per cent, to 34,095.86; the S&P 500 gained 7.64 points, or 0.18 per cent, at 4,365.98; and the Nasdaq Composite gained 40.50 points, or 0.30 per cent, at 13,518.78.

Honasa Consumer share to list today
Shares of Honasa Consumer make their Dalal Street debut today. The beauty and personal care products player raised a total of Rs 1,701.44 crore via its IPO. The parent company of Mamaearth sold its shares in the range of Rs 308-342 apiece with a lot size of 46 equity shares sold between October 31-November 2. The issue was overall booked 7.61 times.

ASK Automotive IPO to open for subscription
The initial public offering of ASK Automotive will open for bidding today, that is Tuesday, November 7 and can be subscribed till Thursday, November 9. The auto-ancillary player raised a total of Rs 834 crore via IPO route by offering its shares in the price band of Rs 268-Rs 282 apiece with a lot size of 53 equity shares. The issue is entirely an offer for sale by the promoters of the company.

Q2 results today
Power Grid Corporation of India Ltd, Shree Cements Ltd, Trent Ltd, Zydus Lifesciences Ltd, Info Edge (India) Ltd, Indian Railway Catering & Tourism Corporation Ltd, Cummins India Ltd, Alkem Laboratories Ltd, UNO Minda Ltd, Prestige Estates Projects Ltd, Crisil Ltd, Deepak Nitrite Ltd, Apollo Tyres Ltd, Atul Ltd and JB Chemicals & Pharmaceuticals 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) continue to be under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, November 7. 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 550 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 549.37 crore on Monday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 595.70 crore.

Rupee falls 1 paisa against dollar
The rupee fell 1 paisa to 83.21 against the dollar, as the support from positive domestic equities was negated by rising crude oil prices. Forex traders said a positive trend in domestic equities supported the local unit at lower levels and restricted the downside.


Note: With inputs from PTI, Reuters and other agencies

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