GIFT Nifty up 29 points: Asian markets, crude oil prices, dollar movement, Q2 earnings & more

Domestic benchmark indices are likely to open higher on Thursday amid positive global cues. Asian stocks rallied sharply at open after US stocks posted big gains overnight after the US Fed's policy outcome. Fed Chair Jerome Powell signalled rate cuts coming in soon. Back home, traders will be looking at Q2 earnings by India Inc and weekly expiry of F&O contracts. Here's what you should know before the opening bell:

Nifty outlook
Jay Thakkar of Sharekhan said the overall rise on the hourly charts appears to be a three-wave decline. "On the immediate basis, Nifty has a strong resistance at 19,200 whereas support at 18,800, hence the range for the weekly expiry is 18,800-19,200."

On the daily chart, the Nifty is trading below the 20-day moving average (DMA) and the 40-DEMA of 19,454 and 19,473, respectively. “The momentum indicator has a negative crossover on the daily chart. The momentum indicator has a negative crossover on the hourly charts, he added.

Nifty Bank outlook
Kunal Shah of LKP Securities said Nifty Bank formed a ‘Doji’ candle, suggesting a state of indecision at the current levels, with a battle between the bulls and the bears. "The immediate resistance is seen at 43,000, where significant open interest is concentrated on the call side. A breach above this level could trigger short-covering moves towards 43,500. Conversely, the lower-end support is positioned at 42,400, and if it is breached on a closing basis, it may escalate the selling pressure," he said.

GIFT Nifty signals a positive start
Nifty futures on the NSE International Exchange traded 29 points, or 0.15 per cent, higher at 19,214, hinting at a positive start for the domestic market on Thursday.

Asia shares open higher
Asian shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve Chair had markets double down on bets that US interest rates have peaked and cuts are on the way. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.53 per cent. Japan's Nikkei jumped 1.12 per cent; Australia's ASX 200 gained 1.09 per cent; New Zealand's DJ surged 2.25 per cent; China's Shanghai added 0.01 per cent; Hong Kong's Hang Seng rallied 1.39 per cent; South Korea's Kospi rallied 1.68 per cent.

Oil prices edge higher
Oil prices edged higher in early trade on Thursday as the conflict in the Middle East kept investors on edge about whether it could disrupt oil supplies around the region. Brent crude futures rose 38 cents at $85.01 a barrel by 0000 GMT, while US West Texas Intermediate crude futures gained 46 cents at $80.90 a barrel.

Dollar falls tracking treasury yields
The dollar fell broadly on Thursday, tracking a slide in US Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged. The US dollar index fell 0.11 per cent to 106.34. The Japanese currency last stood at 150.44 per dollar. Against the dollar, the euro rose 0.18 per cent to $1.0589, while sterling rose 0.35 per cent to $1.2192.

Wall Street stocks settle higher
Wall Street's major indexes closed higher on Wednesday with the Nasdaq's 1.6 per cent advance leading gains, after the US Federal Reserve kept interest rates unchanged and comments from its top official fueled investor optimism rate hikes were done even though the central bank left the door open for more. The Dow Jones Industrial Average rose 221.71 points, or 0.67 per cent, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05 per cent, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64 per cent, to 13,061.47.

Q2 results today
Adani Enterprises Ltd, Tata Motors Ltd, Adani Power Ltd, Cholamandalam Investment & Finance Company Ltd, Indian Railway Finance Corporation Ltd, Dabur India Ltd, Berger Paints (India) Ltd, Sola Industries India Ltd, Godrej Properties Ltd, Suzlon Energy Ltd, Container Corporation of India Ltd, Gujarat Gas Ltd and Dr Lal Pathlabs Ltd are among the companies which announced their earnings for the quarter ended on September 2023.

Stocks in F&O ban
Only one stock Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) continue to be under the F&O segment ban by the National Stock Exchange (NSE) for Thursday, November 2. 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 1,817 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 1,816.91 crore on Wednesday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 1,622.05 crore.

Rupee falls 4 paise lower against dollar
The rupee depreciated 4 paise to settle at 83.28 against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows. Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders.


Note: With inputs from PTI, Reuters and other agencies

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