GIFT Nifty down 54 points: Asian markets, crude oil prices, Q3 results, dollar movement, & more

Domestic stock indices are likely to open lower on Wednesday amid mixed cues. Asian stocks were trading mostly lower in early trade, led by mainland China. US stocks ended mixed overnight ahead of the much-awaited US Fed's policy outcome due late today. Domestic traders will be on the tenterhooks ahead of the interim Budget on Thursday. Shares of Nova AgriTech will be listed on bourses today. Here's what all you know to know before the Opening Bell:

Nifty outlook
A sustained Nifty trade beyond 21,750-21,800 could potentially shift the balance in favor of the bulls, opening the door to levels between 21,950 and 22,100, said Rajesh Bhosale, Technical Analyst, Angel One.

On the downside, the immediate support lies at 21,350, followed by robust support at 21,200, he said.

"A breach of these levels could pave the way for a considerable downside in the near term. With anticipated heightened volatility, traders are advised to stay vigilant about these levels and make trading decisions accordingly," he said.

Nifty Bank outlook

Nifty Bank seems to be consolidating and is expected to soon resume pullback towards 46,000 from a short-term perspective, Jatin Gedia, Technical Research Analyst at Sharekhan.

"The oversold condition is expected to offer support over the short term. A decisive breakthrough above 45,500 could potentially trigger a rally towards 46,000 and beyond. On the downside, the immediate support is situated at 45,100-45,000," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 54 points, or 0.25 per cent, lower at 21,616.50, hinting at a negative start for the domestic market on Wednesday.

Asian shares fall in early trade
Major stock markets fell on Wednesday ahead of the US Fed's policy outcome later in the day. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.55 per cent. Japan's Nikkei dropped 0.48 per cent; China's Shanghai tanked 1.14 per cent; Hong Kong's Hang Seng slumped 1.19 per cent; South Korea's KOSPI shed 0.22 per cent.

Oil prices tick lower in Asian trade
Oil prices dropped in early Asian trading on Wednesday, following gains in the previous session, amid an escalating conflict in the Middle East. The March Brent crude futures , which will expire today, fell 37 cents to $82.50 a barrel. The more actively-traded April contract fell 24 cents to $82.26 a barrel. US West Texas Intermediate crude ticked down 18 cents to $77.64.

Dollar eyes monthly gains
The dollar headed for its biggest monthly gain since September and the yen for its sharpest drop in nearly a year on Wednesday, as traders waited on a US rates decision to round out January.The dollar has gained 2 per cent against a basket of major currencies this month. The dollar index last sat at 103.36. Sterling hovered at $1.2698. The dollar was steady at $1.0844 per euro and a touch weaker at 147.23 yen early in the Asia day.

Wall Street shares settle mixed
The tech-heavy Nasdaq lost ground on Tuesday as the market awaited a spate of high-profile corporate earnings and the Federal Reserve convened for its monetary policy meeting. The S&P 500 closed nominally lower after touching a new intraday high, while the blue-chip Dow finished higher. The S&P 500 declined 0.06 per cent to end at 4,924.97 points. The Nasdaq Composite Index fell 0.76 per cent to 15,509.90 points, while the Dow Jones Industrial Average rose 0.35 per cent to 38,467.31 points.

Q3 results today
Sun Pharmaceutical Industries, Maruti Suzuki India, Bank of Baroda, Godrej Consumer Products, Ambuja Cements, Shree Cements, Dabur India, Mankind Pharma, Jindal Steel & Power, Max Healthcare, Suzlon Energy, Procter & Gamble Hygiene & Healthcare, GMR Airports Infrastructure, Adani Wilmar and IRB Infrastructure Developers are among the companies that will announced their results for the December 2023 quarter today.

Nova AgriTech shares listing today
Shares of Nova AgriTech will make their Dalal Street debut on Wednesday, January 31, 2023. The Hyderabad-based crop protection player's IPO was open between January 23-25 to raise a total of Rs 143.81 crore via primary route. The issue was sold in the range of Rs 39-41 apiece with a lot size of 365 equity shares and its multiples thereof.

Stocks in F&O ban
Only one stock- Zee Entertainment Enterprises (ZEEL) have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, January 31. 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 1,971 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,970.52 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,002.70 crore.

Rupee rises 6 paise against dollar
The rupee appreciated 6 paise to settle at 83.10 against the dollar on Tuesday, following a weak greenback against major currencies overseas amid a muted trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.14 against the greenback. Moving in a very tight range, the unit hit an intra-day low of 83.15 and a high of 83.10 against the greenback.


Note: With inputs from PTI, Reuters and other agencies

Also read: Bank of Baroda Q3 earnings preview: Profit may grow marginally; NIM contraction likely