
Domestic stock indices are likely to open lower on Tuesday morning, tracking muted cues from Asian markets. US markets were closed yesterday but US stock futures signalled weakness. Oil prices inched up amid tension in the Middle East; dollar also edged higher. Back home, HDFC Bank will announce its Q3 results today. Jyoti CNC Automation will make market debut today. Here's what all you know to know before the opening bell:
Nifty outlook Jatin Gedia, Technical Research Analyst at Sharekhan expects sector rotation to continue, which shall help the Nifty to stay at elevated levels. Sooner rather than later, auto and FMCG sector stocks will start participating and contributing to the ongoing rally. The trend continues to remain positive and dips towards 21,900-21,850 levels should be used as a buying opportunity, he said. "The short-term upside target for Nifty is placed at 22,350-22,500 where resistance in the form of the weekly upper Bollinger band is placed. The 22,500-strike has the highest concentration of open interest on the call side and, hence, can act as a resistance from the short-term perspective," he added. Nifty Bank outlook Om Mehra, Technical Analyst at SAMCO Securities said Nifty Bank has started inching higher, as it bounced sharply taking support of 20-DMA after a decent consolidation. "The RSI is slowly gearing up and marked to end near the 60-level, indicating there is enough headroom available for further rally," he said. GIFT Nifty signals a negative start Nifty futures on the NSE International Exchange traded 45.50 points, or 0.21 per cent, lower at 22,106.00, hinting at a negative start for the domestic market on Tuesday. Asian shares drop in the early trade Asian shares dropped to a one-month low. US stock futures fell and the dollar rose as hawkish remarks from central bankers tempered expectations of interest rate cuts and traders waited to hear from the Fed's influential Christopher Waller. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.65 per cent. Japan's Nikkei dropped 0.58 per cent; Australia's ASX 200 tanked 0.95 per cent; New Zealand's DJ shed 0.31 per cent; China's Shanghai gained 0.20 per cent; Hong Kong's Hang Seng fell 0.09 per cent; South Korea's KOSPI declined 0.73 per cent. Oil prices tick up as Middle East crisis intensifies Oil prices edged slightly higher on Tuesday as the Middle East crisis escalated and ship tracking data showed more tankers altering course away from the Red Sea in response to attacks in the area by Yemen's Houthi movement. Brent crude futures rose 12 cents, or about 0.2 per cent, to $78.27 a barrel at 0002 GMT. The contract had settled 14 cents lower on Monday. US West Texas Intermediate crude was down 17 cents, or 0.2 per cent, at $72.52 per barrel after a US public holiday on Monday. Dollar up as traders weigh rate cut expectations The dollar was firm on Tuesday as investors assessed the chances of early and steep interest rate cuts from the Federal Reserve, ahead of a data-packed week that could influence major central banks' thinking on monetary policy. Against a basket of currencies, the dollar rose 0.234 per cent to 102.88. The euro fell 0.28 per cent to $1.0917, while sterling was last at $1.2687, down 0.30 per cent on the day. The yen weakened slightly to 145.89 per dollar. Wall Street to resume trade today US stocks will resume trade today after observing a public holiday on Monday on the account of Martin Luther King's day. On Friday, the US stocks closed barely changed after wavering between modest gains and losses, as mixed bank earnings offset cooler-than-expected inflation news that buoyed hopes for interest-rate cuts from the Federal Reserve. Jyoti CNC Automation shares list today Shares of Jyoti CNC Automation will be listed at Dalal Street on Tuesday, January 16. The manufacturer and supplier of CNC machines sold its IPO between January 9-11, offering its shares in the range of Rs 315-331 apiece with a lot size of 45 shares to raise a total of Rs 1,000 crore. The issue was overall subscribed 38.53 times. Ahead of listing, the company was commanding a grey market premium of Rs 38-40 per share.Q3 results today
HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, Federal Bank, Bank of Maharashtra, ICICI Securities, Himadri Speciality Chemicals, Jindal Saw, Media 18 Media & Investments, Newgen Software Technologies, TV18 Broadcast, CE Infosystems, National Standard (India) and Spandana Sphoorty Financial are among companies that will announced their results for the December 2023 quarter today. Stocks in F&O ban A total of 15 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, January 16. The new addition namely- Biocon India- will join the existing retentions including Bandhan Bank, Hindustan Copper, Indus Towers, Piramal Enterprises (PEL), Delta Corp, Bharat Heavy Electricals (BHEL), Delta Corp, Polycab India, Escorts Kubota, India Cements, Chambal Fertilisers & Chemicals, Metropolis Healthcare, PVR Inox, Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment. FPIs buy shares worth Rs 340 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 1,085.72 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 820.69 crore. Rupee rises 9 paise against dollar The rupee strengthened for the ninth consecutive session to settle with a gain of 9 paise to 82.86 against the US dollar on Monday, driven by a rally in the domestic equity markets and fresh foreign fund inflows. At the interbank foreign exchange, the local currency opened at 82.82 and traded between 82.77 and 82.91 against the greenback during intra-day deals.Note: With inputs from PTI, Reuters and other agencies.
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