GIFT Nifty up 15 points: Asian markets, crude oil prices, dollar movement, India Inc earnings & more

Domestic benchmark indices are likely to open higher on Wednesday, tracking firm cues from global markets. A dovish US Fed tone pushed Wall Street shares higher overnight. Asian markets were also up in the early trade as the dollar went on backfoot, ahead of the Fed's minutes of meeting due later this week. India Inc's result season will officially kick off today with TCS’ Q2 earnings. Here's what you should know before the Opening Bell:

Nifty outlook
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said that a long bull candle on Nifty indicates an attempt by the bulls to break above the immediate hurdle following a small dip. The recent swing low of 19,333 could now be considered as a crucial bottom reversal pattern for the short term.

"A bullish Inverted Head and Shoulder pattern was formed on the daily chart and the Nifty is currently placed at the neckline of the pattern at 19,700 level. This is a positive indication and a decisive upside breakout could open a sharp up move for the Nifty ahead. A decisive move above 19,700 is likely to bring a sharp up move for the market towards 19,950-20,050 levels in the short term," he said.

Nifty Bank outlook
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said that Nifty Bank consolidated in the tight range in the first half before breaking out of the range and rising sharply. "The Index battleground its key resistance zone of 44,500 level. A breakout above 44,500 supported by short coverings, will lead to a resumption of uptrend in Bank Nifty," he said.

GIFT Nifty signals a negative start
Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, higher at 19,791, hinting at a positive start for the domestic market on Wednesday.

Asian stocks hit 2-week high
Asia's stock markets rose on Wednesday and the dollar beat a retreat as a dovish shift in tone from Federal Reserve officials had traders paring US interest rate expectations, though with a wary eye on US inflation data due on Thursday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.16 per cent. Japan's Nikkei gained 0.48 per cent; Australia's ASX 200 jumped 0.57 per cent; New Zealand's DJ added 0.11 per cen5; China's Shanghai rose 0.28 per cent; Hong Kong's Hang Seng surged 1.31 per cent; South Korea's Kospi rallied 2.27 per cent.

Oil prices inch up
Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. US West Texas Intermediate (WTI) crude rose 3 cents to $86.00 a barrel.

Dollar loses some steam
The dollar dipped broadly on Wednesday, tracking a slide in US Treasury yields weighed down by dovish Federal Reserve comments, as traders looked to the central bank's policy meeting minutes later in the day for clues on its interest rate outlook. The dollar index was languishing, last stood at 105.66. Sterling rose to a three-week high of $1.2296 while the euro last bought $1.0606. The offshore yuan was last bought at 7.2839.

US stocks settle higher
Wall Street indices closed higher on Tuesday, to notch their third straight day of gains, after dovish comments from US Federal Reserve officials pushed Treasury yields lower as investors cautiously monitored developments in the Middle East. The Dow Jones Industrial Average rose 134.65 points, or 0.4 per cent, to 33,739.3, the S&P 500 gained 22.58 points, or 0.52 per cent, to 4,358.24 and the Nasdaq Composite added 78.61 points, or 0.58 per cent, to 13,562.84.

Q2 earnings today
Tata Consultancy Services, National Standards India, Delta Corp and Plastiblends India are among the companies which announced their earnings for the quarter ended in September 2023. However, recently listed companies like SignatureGlobal (India), Samhi Hotels and Zaggle Prepaid Ocean Services will share their Q1 results.

Stocks in F&O ban list
Six stocks - L&T Finance Holdings, MCX India, Indiabulls Housing Finance, Delta Corp, Punjab National Bank and Manappuram Finance - have been put under the F&O segment ban by the National Stock Exchange (NSE) for Wednesday, October 11. 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 1,005 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of Rs 1,005.49 crore on Tuesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,963.34 crore.

Rupee rises 3 paise against dollar
The rupee gained 3 paise to settle at 83.25 against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment. However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said.


Note: With inputs from PTI, Reuters and other agencies

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