GIFT Nifty marginally up: Asian markets, crude oil prices, Q3 results, dollar movement, & more

Domestic benchmark indices are likely to open on a flat note on Wednesday with positive bias amid the optimistic cues from the global markets. Asian stocks were off to a strong start in the early session, while US stocks inched higher in the fag-end of the overnight trade. The US dollar was under pressure, while Crude oil price inched higher. Back home, RBI's monetary policy will be keenly watched for the remainder of the week, while the IPOs will kick-off at Dalal Street today. Here's what all you know to know before the opening bell:

Nifty outlook
Nifty opened on a flat note, followed by a sustained upward movement, forming a hammer candlestick pattern with substantial volume on the daily charts, said Mandar Bhojane, Research Analyst at Choice Broking. This pattern suggests a bullish momentum in the index. There is an anticipation that the Nifty could reach an all-time high in the next few sessions, he said.

"The 21,700 level serves as immediate support for the Nifty. On the upside, resistance levels are identified at 20,200 and 20,500. The overall chart pattern, coupled with positive market breadth and sectoral performance, indicates a favorable outlook for the Nifty, with the potential for further upward movement," Bhojane added.

Nifty Bank outlook
Jatin Gedia, Technical Research Analyst at Sharekhan said that Nifty Bank closed in the negative however, seems to be oversold. "The positive crossover on the hourly time frame chart suggests that the bank nifty is poised for a pullback after the recent correction. On the upside, we expect the Bank Nifty to retrace till 46,500 – 46,800. Crucial support is placed at 45,370," he said.

GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 6.50 points, or 0.03 per cent, higher at 22,118.50, hinting at a flattish start for the domestic market on Wednesday.

Asian shares rally in early trade
Asian stocks firmed on Wednesday as investors waited to see if Beijing's increasingly frantic efforts to prop up its sagging share markets would actually work, while bonds enjoyed a reprieve from recent selling. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.86 per cent. Japan's Nikkei shed 0.12 per cent; Australia's ASX 200 jumped 0.80 per cent; New Zealand's DJ added 0.14 cent; China's Shanghai surged 1.10 per cent; Hong Kong's Hang Seng rallied 1.14 per cent; South Korea's KOSPI soared 1.48 per cent.

Oil prices edge higher
Oil prices ticked higher on Wednesday, as growth in US oil production is expected to remain largely steady through 2025, easing worries of excess supply. Brent crude futures rose 38 cents, or 0.5 per cent, to $78.97 a barrel as of 0013 GMT, while US West Texas Intermediate crude climbed 41 cents, or 0.6 per cent, to $73.72. Both contracts had gained slightly on Monday.

US dollar on backfoot
The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in US bond yields adding to the drag. The US dollar index was flat at 104.14. The dollar was little changed at $1.0755 per euro in early Asia trade on Wednesday. The dollar was steady at 147.905 yen.

Wall Street shares end higher
The S&P 500 closed slightly higher on Tuesday, as investors scrutinized a mixed bag of earnings at big US companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut. The Dow Jones Industrial Average rose 141.24 points, or 0.37 per cent, to 38,521.36. The S&P 500 climbed 11.42 points, or 0.23 per cent, to 4,954.23 and the Nasdaq Composite gained 11.32 points, or 0.07 per cent, to end at 15,609.

Rashi Peripherals IPO opens today
The Rs 600 crore-initial public offering (IPO) of Madhusudan Kela-backed Rashi Peripherals will open for bidding on Wednesday February 7, 2023 and investors can subscribe it till Friday, February 9, 2023. The company has fixed the price band for the issue in the range of Rs 295-311 apiece. Bidders can apply for a minimum of 48 shares and its multiples thereafter.

Jana Small Finance Bank IPO kicks off
Jana Small Finance Bank (SFB) shall launch its initial public offering (IPO) today, that is, Wednesday, February 7, 2023 to raise a total of Rs 570 crore. The private lender is offering its shares in the fixed price band of Rs 393-414 apiece with a lot size of 36 equity shares and its multiples thereafter. The three-day bidding for the issue will conclude on Friday, February 9.

Capital Small Finance Bank IPO opens today
The initial public offering (IPO) of Jalandhar-based Capital Small Finance Bank opens for bidding between Wednesday, February 7 and Friday, February 9. The company has fixed its price band in the range of Rs 445-468. Bidders can apply for a minimum of 32 equity shares and its multiples thereafter. The private lender is looking to raise a total of Rs 523.07 crore.

Q3 results today
Power Grid Corporation of India, Nestle India, Tata Consumer Products, Trent, Lupin, General Insurance Company of India, Cummins India, Solar Industries India, AIA Engineering, Gujarat Fluorochemicals, UNO Minda, Apollo Tyres, Fortis Healthcare, Manappuram Finance, Firstsource Solutions and Sobha are among the companies that will announced their results for the December 2023 quarter today.

Stocks in F&O ban
Half a dozen stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, February 7. The new entrants - Ashok Leyland - will join the existing retention Hindustan Copper, National Aluminium Company (Nalco), India Cements, Indus Towers and Zee Entertainment Enterprises (ZEEL) in the list. 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 92 crore
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 92.52 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,096.26 crore.

Rupee fell 2 paise against US dollar
The rupee declined marginally by 2 paise to close at 83.05 against the US dollar on Tuesday, amid a firm greenback against major currencies overseas. However, positive sentiment in the domestic equity markets and lower global crude prices supported the domestic unit, forex analysts said.

 

Note: With inputs from PTI, Reuters and other agencies

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