GIFT Nifty flat: Asian markets, Jyoti CNC Automation IPO, crude oil prices, dollar movement & more

Domestic stock indices are likely to see a flat opening on Tuesday. Asian stocks were firm in the early trade while US stocks settled higher overnight. US inflation numbers will be at traders' radar this week. Back home, Q3 earnings by India Inc will also be keenly tracked. For now, investors would be looking at Jyoti CNC Automation IPO that opens for bidding today. Here's what all you know to know before the Opening Bell:

Nifty outlook
A crucial Nifty support lies between 21,500 and 21,443 and it is imperative for the index to find support within this range; failure to do so might lead to a further, said VLA Ambala, Co-Founder of Stock Market Today. "This will be an opportunity for both investors and swing traders. The bulls will likely attempt to support the price at critical levels," she said.

Nifty Bank outlook
The bears staged a strong comeback, leading to a breach of Nifty Bank’s critical support at 47,700 on a closing basis, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

"Selling pressure was evident across the banking sector, and a sustained move below 47,700 may result in further declines towards the 47,000 level. To resume the uptrend, the index must surpass the key resistance at 48,300, targeting the 50,000-mark," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 3 points, or 0.01 per cent, higher at 21,704.50, hinting at a flattish start for the domestic market on Tuesday.

Asian shares gain in early trade higher
Asia's stock indexes were mostly higher on Tuesday as investors await the next set of US inflation numbers due this week. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.64 per cent. Japan's Nikkei surged 1.64 per cent; Australia's ASX 200 added 1.06 per cent; New Zealand's DJ advanced 1.24 per cent; China's Shanghai gained 0.36 per cent; Hong Kong's Hang Seng rallied 1.25 per cent; South Korea's KOSPI jumped 0.48 per cent.

Oil prices steady on mixed signals
Oil prices steadied in early trade on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2 per cent, to $76.30 a barrel at 0122 GMT, while US West Texas Intermediate crude futures inched up 6 cents, or 0.1 per cent, to $70.83 a barrel.

Dollar rally halts ahead of inflation data
The dollar paused its rally on Tuesday, as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year on the belief that inflation in the US is slowing sufficiently. Against a basket of currencies, the US dollar eased slightly by 0.08 per cent to 102.22. The yen was little changed following the release, and was last 0.17 per cent higher at 143.975 per dollar. The euro last stood at $1.0950, while Sterling advanced 0.04 per cent to $1.2754.

Wall Street shares post strong gains
The Nasdaq scored its first gain of at least 1 per cent in 2024 on Monday, as a fall in Treasury yields helped lift megacap stocks, while a sharp drop in Boeing shares kept gains on the Dow Industrials in check. The Dow Jones Industrial Average rose 216.90 points, or 0.58 per cent, to 37,683.01, the S&P 500 gained 66.30 points, or 1.41 per cent, to 4,763.54 and the Nasdaq Composite gained 319.70 points, or 2.20 per cent, to 14,843.77.

Stocks in F&O ban list
As many as 13 stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Tuesday, January 09. The new addition namely- Bandhan Bank- will join the existing retentions including Balrampur Chini Mills, Piramal Enterprises (PEL), Delta Corp, Indian Energy Exchange (IEX), Chambal Fertilisers & Chemicals, Escorts Kubota, Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) India Cements, National Aluminium Company (Nalco), Steel Authority of India (SAIL), 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 16 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of only 16.03 crore on Monday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 155.96 crore.

Rupee rises 1 paisa against dollar
The rupee pared all its initial gains to settle just 1 paisa higher at 83.14 against the US dollar on Monday, as the support from lower crude oil prices in international markets was offset by a weak trend in domestic equities. A strong greenback against major rivals overseas also dented sentiment, forex dealers said.


Note: With inputs from PTI, Reuters and other agencies

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