GIFT Nifty down 5 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Indian benchmark indices are likely to open flat on Tuesday despite firm cues from global markets. Asian stocks rose in early trade, while US stocks posted big gains overnight trade. Traders were awaiting Powell's speech due later this week, along with an update on the Israel and Hamas war. Back home, Q2 earnings will trigger stock-specific actions. Here's what you should know before the Opening Bell:

Nifty outlook
Rupak De, Senior Technical analyst at LKP Securities said that Nifty remained sideways as market participants stayed on the sidelines ahead of the scheduled speech by the Fed Chairman on Thursday. Over the near term, the index may experience volatility, with support placed at 19,700, he said.

"A drop below 19,700 may take the index toward the range of 19,600-19,550. However, the 'buy on dips' strategy is expected to remain the preferred approach as long as it sustains above 19,550," he said.

Nifty Bank outlook
VLA Ambala from Stock Market Today said Nifty Bank formed a Doji candle on the daily chart. The intraday open price is a critical level for the banking Index. A move above it may sustain the bullish sentiment, she said.
"Nifty Bank's immediate supports are at 44,110, 43,920 and 43,800 levels. On the other hand, considering its overall movement, major resistance levels for intraday trading are placed at 44,320, 44,350, and 44,550 levels," she said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 5 points, or 0.03 per cent, lower at 19,806, hinting at a flattish start for the domestic market on Tuesday.

Asian shares rise at open
Asian shares opened higher on Tuesday as investors look through developments in the Middle East and rising geopolitical tensions, and take heart from an otherwise more benign US economic and corporate backdrop. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 per cent. Japan's Nikkei jumped 1.05 per cent; China's Shanghai fell 0.12 per cent; Hong Kong's Hang Seng surged 0.61 per cent; South Korea's Kospi jumped 0.81rre per cent.

Oil prices flat after Monday's fall
Oil prices stabilised on Tuesday after a more than $1 slide on Monday amid hopes the US would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Brent crude futures were up 3 cents at $89.68 a barrel, while US West Texas Intermediate crude (WTI) were down 11 cents at $86.55 a barrel.

Dollar drifts ahead of Powell's speech
The dollar started Tuesday on the back foot as investors took stock of developments in the Middle East and braced for a slew of speeches by central bank officials this week headlined by Fed Chair Powell to gauge the monetary policy outlook. The dollar index eased 0.038 per cent to 106.20. The yen last fetched 149.62 per dollar. In other currencies, the euro was down 0.01 per cent at $1.0557, while sterling was last at $1.2214, down 0.02 per cent on the day.

US stocks settled with big gains
Major US stock indexes ended sharply higher on Monday as investors were optimistic about the start of earnings season, while transportation and small-cap shares also jumped. Market participants were monitoring the Israeli war in Gaza, but appeared to be taking more of a risk-on stance on Monday, with safe-haven gold prices down. The Dow Jones Industrial Average rose 314.25 points, or 0.93 per cent, to 33,984.54, the S&P 500 gained 45.85 points, or 1.06 per cent, to 4,373.63 and the Nasdaq Composite (.IXIC) added 160.75 points, or 1.2 per cent, to 13,567.98.

Q2 results today
Bajaj Finance, ICICI Prudential Life Insurance Company, L&T Technology Services, Tata Elxsi, Syngene International, CIE Automotive Indai, Happiest Minds Technologies, Zensar Technoloigies, Himadri Speciality Chemicals, Can Fin Homes, PCBL, Newgen Sofrware Technologies and TCI Express are among the companies which announced their earnings for the quarter ended on September 2023.

Stocks in F&O ban list
As many as 12 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, October 17. New entrant including MCX India and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) will join the retentions like Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Delta Corp, Sun TV Network, Indiabulls Housing Finance, Punjab National Bank, Manappuram Finance, Balrampur Chini Mills, Hindustan Copper and India Cements. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under bad in the F&O segment.

FPIs sell shares worth Rs 594 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 593.66 crore on Monday. Domestic institutional investors (DIIs) were net sellers of Indian equities to the tune of Rs 1,184.24 crore.

Rupee rises 3 paise against dollar
The rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.27 against the US dollar on Monday. Forex traders said positive macroeconomic data supported the rupee, while geopolitical tensions, particularly the Israel-Hamas conflict, dented investor sentiments.


Note: With inputs from PTI, Reuters and other agencies

Also read: Federal Bank, Tata Motors, Titan: Trading strategies for these 3 buzzing Jhunjhunwala stocks