GIFT Nifty up 21 points: Asian markets, crude oil prices, dollar movement, Q1 results & more

Domestic equity indices are likely to kick-off the new week on a positive note on Monday. Muted cues from global markets, however, may limit upside. Asians stocks were trading mixed in the early Monday trading, even as US stocks settled lower on Friday. At home, all eyes will be on the llisting of Yatharth Hospital and a handful of Q1 earnings. Here's what you should know before the Opening Bell:

Nifty outlook
If Nifty trades above the 19,400 level, it could rise till 19,600, which is its 20-day SMA. Further upside could lift the index towards the 19,700 level. On the flip side, a fall below 19,400 may accelerate selling pressure on Nifty. The index could slip towards 19,300-19,250 levels in such a case, said Amol Athawale, Vice President - Technical Research, Kotak Securities.

GIFT Nifty signals a positive start
Nifty futures on the Nifty International Exchange traded 21 points, or 0.11 per cent, higher at 19,609.50, hinting at a positive start for the domestic market on Monday.

Asian stocks open mixed
Asian share markets made a cautious start to Monday’s trade after a mixed US jobs report sparked a rally in beaten-down bonds, but new hurdles lay ahead in the shape of US and Chinese inflation figures due later this week. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.06 per cent. Japan's Nikkei shed 0.04 per cent; China's Shanghai plunged 0.65 per cent; Hong Kong's Hang Seng added 0.01 per cent and South Korea's Kospi gained 0.09 per cent.

Oil prices extend gains
Oil prices extended gains on Monday to touch their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further and support prices. Brent crude futures rose 25 cents, or 0.3 per cent, to $86.49 a barrel by 0023 GMT, while US West Texas Intermediate crude was at $83.05 a barrel, up 23 cents, or 0.3 per cent.

Dollar index stays below 102 level
The dollar was on the back foot on Monday after a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world's two largest economies due this week. The US dollar index last stood at 101.98, languishing near Friday's low of 101.73. Sterling rose 0.04 per cent to $1.2756, while the euro dipped 0.01 per cent to $1.1010. The offshore yuan was last marginally lower at 7.1901 per dollar. The yen hit a one-week high of 141.52 per dollar in early Asia trade.

Wall Street stocks settle lower

Wall Street closed lower on Friday after a report of slowing US labor market growth, and all three major indexes posted weekly losses as investors braced for more possible downside surprises a day after disappointing earnings from Apple. The Dow Jones Industrial Average fell 150.27 points, or 0.43 per cent, to 35,065.62, the S&P 500 lost 23.86 points, or 0.53 per cent, to 4,478.03 and the Nasdaq Composite dropped 45.18 points, or 0.32 per cent, to 13,914.54.

Q1 results today
Godrej Consumer Products, Torrent Pharmaceuticals, Max Healthcare Institute, PB Fintech, Tata Chemicals, Gland Pharma, The Ramco Cements, Gland Pharma, Bayer Cropscience, Emami, Whirlpool of India, Krishna Institute of Medical Science, Alkyl Amines Chemicals, Poly Medicure, Medplus Health Services, Rainbow Children Medicare and Eris Lifesciences are among the companies that will announce their earnings for the June 2023 quarter during the day.

Yatharth Hospital IPO listing today
Shares of Yatharth Hospital and Trauma Care Services will make its Dalal Street debut on Monday. The multi-specialty hospital chain raised about Rs 687 crore from its initial stake sale by selling its shares in the range of Rs 285-300 apiece between July 26-28. The stock was commanding a premium of Rs 70-75 per share in the grey market.

Stocks in F&O ban
Four stocks- Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Hindustan Copper and Piramal Enterprises- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, August 7. Derivative contracts in a security are banned when they cross 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.

FPIs sell shares worth Rs 556 crore
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 556.32 crore on Friday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 366.61 crore. Overseas investors have dumped Indian equities worth Rs 2,034 crore in the first week of August.
 
Rupee falls 7 paise against dollar
The rupee fell by 7 paise to settle at a more than two-month low against the US dollar on Friday weighed down by safe-haven dollar demand and higher crude oil prices. Foreign fund outflows also weighed on the local unit, analysts said.

Note: With inputs from PTI, Reuters and other agencies

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